President vows to end ‘5-6’

President Duterte has vowed to put an end to the “5-6” money lending scheme amid concerns for poor Filipinos who have fallen into a debt trap.

At the micro, small, and medium enterprises summit in Clark, Pampanga last Tuesday, the President said he intends to stop 5-6 scheme, the informal lending practice that charge high interest to borrowers, or the collectors themselves.

"Ang gusto ko talagang patayin, if God will give me at least more years if I can finish my term, itong 5-6,” he said in his speech. “That is my burning desire. Either I stop the 5-6 or I will stop the collectors,” he added.

The President recalled that he managed to stop the "double dealing" of 5-6 lenders when he was mayor of Davao City.

Duterte admitted that he threatened to kill the unscrupulous persons who lend money with extremely high interest rates and sell overpriced appliances to cash-strapped Filipinos. He claimed that he raised such concern in his meeting with a "Prime Minister" and an "ambassador," without identifying the country.

"Ang style nila, hindi lang lahat pero, magpabili pa sila ng sala set. ‘Di ba? Dagdagan pa nila ng refrigerator. Ipagbilli sa’yo ‘yan, mahal, sige ka bayad, ‘yung ibinabayad mo sa unggoy, ‘yan ang ibabayad niya, kumikita pa siya," he said.

"Sabi ko doon noong mayor ako, 'That this is too much.' Sobra ‘yan. But before that I communicate it to the ambassador at that time, sinabi ko, “they run the risk of, you know.” Kasi ang sinabi ko, “‘pag hindi niyo hintuin ‘yang 5-6 na ‘yan, kayo ang hintuin ko.” Mark my word," he said.