PROMDI presidential candidate Sen. Manny Pacquiao would push for the criminalization of loan sharking and other usurious lending practices that have overburdened the poor over the years.
During a media briefing at the municipal hall in Cainta, Rizal where he recently paid a courtesy call to town mayor Kit Nieto, Pacquiao said his government would put an end to the oppressive lending schemes commonly known as 5-6.
The People’s Champ retorted that he is against loansharking because this only makes life even harder for poor Filipinos who have no choice but to resort to high-interest loans.
He said small businesses are the usual victims of these loan sharks who take advantage of their desperate situation.
“Hindi ako sang-ayon d’yan dahil ang 5-6 ay hindi makatao, lalo lang nadidiin ang nga nangungutang na mahihirap. Imagine 20% kada buwan ang interes kaya lalong malulubog ang nagkautang at mahihirapang makabangon,” he pointed out.
To end this practice, Pacquiao said he would ask Congress to pass a law that would criminalize excessive interest charges on loans.
“Bawal naman talaga ‘yan dahil imbes na makatulong sila ay lalo silang dumadagdag sa kahirapan,” he stressed.
Apart from criminalizing oppressive loan schemes, Pacquiao vowed to set up a fund that would be used to provide zero-to-low interest loans for micro-small and medium enterprises (MSMEs).
Pacquiao said because of systemic corruption, the government lacks the capacity to initiate programs that would provide credit facilities for poor Filipinos.
“Maglalaan ako ng pondo para maibigay na puhunan sa mahihirap at ang kailangan na lang ay ibalik ang ipapaluwal ng kapital nang wala ng tubo o interes,” he said. (PR) – bny
