BREAKING! “NO MORE 5-6 NO MORE BUMBAY” President Duterte orders arrest of Punjabis money lenders

“NO MORE 5-6 NO MORE BUMBAY” President Duterte orders arrest of Punjabis money lenders 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.
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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.
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BREAKING! “NO MORE 5-6 NO MORE BUMBAY” President Duterte orders arrest of Punjabis money lenders BREAKING!  “NO MORE 5-6 NO MORE BUMBAY” President Duterte orders arrest of Punjabis money lenders Reviewed by Duterte News Media PH on 6:43 PM Rating: 5

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