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'5-6' loan sharks to be caught?

January 14 - 20, 2017

CAMP ALFREDO BANTUG - The days of the 5”-6” lending scheme seems to be numbered as local and national law enforcement agencies are setting their sights on the reported illegal lending practice.

In relation to the mandate of the present administration, authorities are planning to prohibit and catch those engaged in the extensive informal money lending, commonly known as “5-6”, which interest rates the department of justice and affected borrowers claim are usurious.

Provincial Police Director Senior Superintendent Warren De Leon disclosed to SLT that the local police will do its best to clamp down and take the necessary legal actions as soon as they receive complaints from affected business borrowers.

“We are still focusing on illegal drugs and other crimes. But if we receive complaints about this notorious 5-6 case, we will provide prompt action,”

De Leon said. In addition, the provincial police chief said that they can legally apprehend without a warrant the persons engaged in these activities when the act is done in “ flagrante delicto” or in the presence of a police officer. For a 5-6 lender to be arrested without a warrant, it must be sufficiently proven by an arresting officer that at the time of arrest, the lender was actually conducting lending activities without the necessary permit.

In a recent interview, President Rodrigo Duterte has ordered the arrest of any local or foreign national involved in the 5-6 money lending scheme, in his administration’s efforts to help small time entrepreneurs that often fall victim to the usurious lending scheme.(By MARK L. RIMAS)






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