DSWD Chief Tulfo Warns Loan Sharks Could Face Jail Imprisonment if Caught Accepting Pawned 4Ps Cash Cards
DSWD Secretary Erwin Tulfo has warned loan sharks and individuals accepting pawned 4Ps cash cards.
On Wednesday (July 13, 2022), the Department of Social Welfare and Development Secretary Erwin Tulfo warned some loan sharks that they could face jail time if caught accepting Pantawid Pamilyang Pilipino Program cash cards.
“I would like to take this opportunity to warn the loan sharks, ‘yung mga tumatanggap. Bawal po ‘yan na tumanggap po kayo ng mga isasanla sa inyo na ika nga, 4Ps cash card,” Tulfo said.
Tulfo explained that some loan sharks were charging 20 to 40% interest from the cash aid from the national government. He prohibits lending institutions from accepting cash cards from 4Ps beneficiaries.
“Labag po sa batas ‘yan and they are charging like 20 to 40% doon sa kabuuan makukuha so nababawasan ng halos 40 percent ‘yung monthly assistance ng gobyerno sa kanila. You could end up in jail ‘pag nahuli namin kayo, kayong mga loan shark,” Tulfo added.
The new DSWD chief explained that it was a violation of the law and individuals who were accepting pawned 4Ps cards will be subject to corresponding sanctions and penalties.
He also said that 4Ps beneficiaries who will be caught pawning their cards will be removed from the list of beneficiaries. The vacant slots will be given to the new applicants on the waiting list.
About 15 million people are below the poverty line in the Philippines, according to Tulfo.
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