Securities and Exchange Commission (SEC) To Crackdown “5-6” Unlicensed Lending Businesses
Unlicensed lending businesses such as “5-6” will be the next government’s target including all the informal lenders without enough legal documents.
Securities and Exchange Commission (SEC) will start to implement the crackdown on unlicensed creditors or informal lenders who offer “5-6” which will lend the debtor with an amount of P5, 000 then the debtor will pay P6, 000 to its lender.
Almost 3, 000 informal lenders without legal documents are affected by the crackdown. Even President Rodrigo Duterte does not agree with “5-6” which charges debtors a 20 percent interest for the amount that they have borrowed.
SEC together with Philippine National Police (PNP), National Bureau of investigation (NBI), and other local government units were already making a step and effort to suppress all unlicensed creditors.
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