Goodbye ‘5-6’, Government To Launch P3 Lending Program

Goodbye ‘5-6’: Pres. Duterte orders the arrest and deportation of foreigners involved in it as to Manny Piñol.

GOODBYE – This 2017, the government will launch a money lending program for the ‘micro, small and medium entrepreneurs’.

Recently, a news report entailing the order of Pres. Rodrigo Roa Duterte to arrest and deport the foreigners who are exercising the ‘5-6’ money lending scheme.

Based on a previous news report, the post of Manny Piñol went viral on the social media after he revealed the order of the President regarding the money lending scheme. The ‘5-6’ money lending scheme has been present in the Philippines for quite a long time already.

According to the post of Piñol, Pres. Duterte wants to save the poor vendors. It is also stated that an initial P1-Billion fund has been allocated for a ‘micro-lending program’ as announced by the 71-year-old Chief Executive.

There are around 50,000 ‘motorcycle-riding Punjabis’ who are involved in the ‘5-6’ money lending scheme according to the report. Recently, a news report in Thoughtskoto entailing the launching of a lending program by the government broke in.

Based on the report, the government is set to launch Pondo sa Pagbabago at Pag-asenso (P3), a lending program which will cater financial loans of about 10,500 micro, small, and medium businessmen.

The news atated that reportedly, the program will start this month of March 2017. Its goal is to eradicate the ‘5-6’ money lending scheme and to provide finance money for the ‘micro, small and medium businesses’.

According to Department of Trade and Industry Sec. Ramon Lopez, the lending program that will be launched by the government is set to reduce the interest rate.

It is also stated in the report that the business men and women like the market vendors, agri-businessmen, and members of the cooperatives are the priorities of the money lending program.

It is in Sarangani and the islands of Mindoro and Leyte where the P3 lending program will be launched based on the report. The places mentioned earlier were part of the ‘top 30 poorest provinces’.

Sorsogon (Region 5), Zamboanga Sibugay (Region 9), Negros Oriental (Region 7), Leyte (Region 8), Catanduanes (Region 5), North Cotabato (Region 12), Western Samar (Region 8), Mt. Province (CAR), and Lanao del Norte (Region 10) are some of the poorest provinces in the country based on the report.

The other privinces were: Eastern Samar (Region 8), Agusan del Sur (Caraga), Siquijor (Region 7), Zamboanga del Norte (Region 9), Sultan Kudarat (Region 12), Bukidnon (Region 10), Maguindanao (ARMM), Northern Samar (Region 8)’ Sarangani (Region 12), Sulu (ARMM), and Lanao del Sur (ARMM).