President Rodrigo Duterte ordered to arrest and deport all the money lenders who involved in 5-6 money lending scheme which popular to small businesses in the Philippines.
The news was announced by Department of Agriculture Secretary Manny Piñol on his Facebook account.
During the campaign period, President Rodrigo Duterte learned the struggle of the Filipino people who trapped in the 5-6 lending scheme and discovered the high interest rates that the foreign loan sharks were giving to their lenders.
“Sobra na yan. Pautangin ng 5-6 (interest rate) tapos bentahan pa ng mahal na mga appliance. Patay talaga ang pobre dyan,” President Duterte said during the Cabinet meeting on Tuesday.
5-6 scheme was popularize by Punjabis where their borrowers pay back a P5000 loan with a P1000 interest in one month which collected everyday.
To end the struggle of the small businesses, President Rodrigo Duterte offered P1-B for a micro lending program to replace the 5-6 operation.
Department of Justice Vitaliano Aguirre II warned the operators of “5-6” that they can be arrested without warrant of arrest because they are already committing a crime.