6,626 guests

Loan sharks policy clarified

  • Written by Cristina Lee-Pisco
  • Published in Top Stories
  • Read: 248

FOREIGN Affairs Secretary Perfecto Yasay Jr. yesterday said he has clarified to a diplomat from the Embassy of India President Rodrigo Duterte’s policy against loan sharks.

Yasay assured the diplomat the policy was not specifically directed at a particular ethnic group or nationality.

“I told him about the policy of President Rodrigo Duterte that we are going to enforce against anybody engaged in ‘5-6’ in the local market place. I assured him this was not done with reference to a particular ethnic group or nationality.”

The Secretary explained to the Indian Embassy Charge d’Affaires the Duterte administration’s objective of curtailing the illegal lending activity which is not prejudicial to any community.
In the Philippines, many Indian nationals are known to be engaged in 5-6, the money lending scheme which charges market vendors huge interests on their loans.