Duterte wants discussion with Indian govt on 5-6 lenders

President Rodrigo Duterte said on Saturday that he wished to talk with the Government of India about 5-6 lenders operating in the Philippines, most of whom were allegedly Indian nationals or migrants.

"OK lang naman yung magpahiram sila ng pera," Duterte said in an interview broadcast on a national network. "But ang bagong style kasi nila, pahiramin nila ng pera yung pobreng Pilipino, tapos pabilhin pa nila ng refrigerator, mga appliances. So doblado ang kalbaryo ng mga Pilipino."

The president added that he wanted the discussions to be frank and honest, with none of the diplomatic niceties.

Duterte also said that his government planned to provide each region of the country with P1 billion for small business loans, and thus displace 5-6 lenders.

The president has been particularly concerned about 5-6 lending. During the presidential campaign, then candidate Duterte said he wanted to discuss the matter with the Indian ambassador. 

And such discussions have been going on, at least at the ministerial level, as Foreign Affairs Secretary Perfecto Yasay met with the Indian charge d'affaires last January to discuss the subject. 

The Justice Department had meanwhile threatened usurious lenders with warrantless arrests, and deportations in cases which lenders are foreign nationals. 

In a less menacing and more conventional tone, the Trade and Industry Department unveiled a lending program in which P1 billion would be coursed through micro-financing institutions. The program's loans would have a two percent monthly interest, compared to the 5-6's 20 percent. 

Senator Panfilo Lacson also said that it was unfair of the government to target Indian nationals involved in 5-6 lending as Filipinos and Chinese nationals were also engaged in the practice. — DVM, GMA News