The government will push for the implementation of the nationwide micro lending program to address the “5-6” loaning business.
Earlier, President Rodrigo Duterte said the “5-6” scheme has become a burden to Filipinos, especially for those who have no other resort.
Many micro, small and medium enterprises usually resort to “5-6” lenders who are usually Indians.
The president said Filipinos had been experiencing such conditions but it had not been noticed for a long time.
WHO CAN AVAIL THE PROGRAM
The government will give priority first to small and medium business owners who can't avail a bank loan such as, market vendors, agricultural men, members of "Kooperatiba" and associations.
Initially, the program will be launched in the provinces of Mindoro and Leyte islands and Sarangani, which are among the top 30 poorest provinces. Eventually, we hope that this will be implemented all through out the country.