Duterte wants to kill ‘5-6’ loan sharks

DAVAO CITY, Philippines — If there are persons President Duterte wants to kill other than those engaged in the illegal drug trade, they are the unscrupulous loan sharks who run the 5-6 money lending scheme, victimizing government employees and teachers.

The President issued a stern warning against these money lenders during a speech before teachers in Bulacan the other day.

Duterte lamented how the loan sharks have taken advantage of the situation of government workers, including teachers, pushing them into deeper debt.

“The 5-6 system is what I wanted to kill if I cannot kill the system, then I will call those who are into 5-6 and are making life hard for the people,” Duterte said.

He said those who avail of what loan sharks offer are in perpetual debt with them.

“Aside from cash, these loan sharks also offer beds, cabinets or other items which add up to the amount of loan,” Duterte added.

He said if he could not stop the 5-6 system, then he will stop the collectors from getting money from the people.

The 5-6 lending scheme involves small loans with hefty interest of up to 20 percent.

Duterte said while there is nothing wrong with money-lending businesses per se, the 5-6 lending scheme is disadvantageous to Filipinos.

“It’s OK for them to lend money, but their new style is they lend money to the poor Filipinos and then they make them buy refrigerators and other appliances. It becomes twice as hard for Filipinos,” Duterte said.