Yasay discusses Duterte’s crackdown on 5-6 lenders with Indian diplomat

Foreign Affairs Secretary Perfecto Yasay has discussed the Duterte administration's crackdown on five-six lenders with the Indian embassy in Manila, Lia Mañalac Del Castillo reported on "24 Oras" on Wednesday.

Yasay's meeting with the Indian charge d'affaires came after President Rodrigo Duterte ordered the strict enforcement of laws against usurious activities in the country.

"I told him about the policy of the President that was to the effect that we are going to enforce very strictly against anybody engaged in the five-six activities," Yasay said at a news briefing.

"He understood that there are many indians engaged in this five-six actiities," he added.

Justice Secretary Vitaliano Aguirre II on Tuesday warned five-six operators, or those who lend cash at a hefty 20-percent interest a month, that they could be arrested any time even without a warrant.

"Pwedeng hulihin ang mga iyan. They are operating without permit or license...They could be arrested without any warrant because when they are doing that, they are committing a crime," Aguirre said at a news conference.

Aguirre echoed the statement of Agriculture Secretary Manny Piñol, who disclosed in his Facebook account that Duterte, during the Cabinet meeting on Monday, moved for the arrest and deportation of foreigners involved in the usurious "5-6" money lending scheme. 

During the presidential campaign, Duterte talked about the experience of common folk who fall prey to loan sharks especially Indian citizens.

To address the usurious lending scheme, the Department of Trade and Industry said that it would implement a P1-billion micro-lending program for small and medium enterprises (SMEs), which makes up more than 90 percent of the country's businesses.

The soft loans to be extended to businessmen will charge 20 percent interest every year. —NB, GMA News