DAVAO -- Davao City Mayor Rodrigo Duterte said he is prohibiting Indian money lenders who are preying on poor people.
In a speech during the Forum on Women for Action with Rody Duterte (forwaRD) held at Ritz Hotel Saturday, February 27, the mayor said that he really abhor the loan system of Indians that includes collateral contracts.
He said the scheme itself shackles the poor.
u201cNagapahiram sila ng five-six, which is really exorbitant, mind you, ang mga gago pala, pag naghiram ka ng five-six mag kuha ka pa sa kanila ng appliance (They let you borrow through ‘five six’ which is really exorbitant, and along with it, they will require you to get an appliance),” Duterte said.
Five-six, as it is known locally, is usury, as money is lent out at 20 percent interest.
Duterte said this scheme is very anti-poor and he is set to talk to the Indian ambassador to take action on this, especially its regulation.
“Ipapatawag natin sa kanila. We welcome them to do business here in the country, but what I really hate how they do it. I would like to talk to the Indian ambassador, that they are out there, and we do not ask for any license, we do not ask anything and we do not disturb them,” Duterte said.
He also said that Indians have two options. “Tell the Indians that if they doing such, they’ll run the risk of being reported. They must stop it or I will bury them alive.”
Duterte also said that if he would be elected president, he will be the one to deliver to the immigration an Indian whom he catches doing the “five–six” scheme.
Duterte is running for president in the May 2016 elections under the Partido Demokratiko Pilipino-Lakas ng Bayan or PDP-Laban party. His runningmate is Senator Alan Peter Cayetano. (Sun.Star Davao)