MANILA, Philippines – President Rodrigo Duterte wanted to stop the ‘5-6’ lending system which he says victimizes government employees and teachers.
Speaking in front of public school teachers during a groundbreaking of a high school in Bulakan, Bulacan, Duterte slammed those behind the ‘5-6’ lending scheme and called them “unscrupulous loan sharks.”
Duterte said that those involved in 5-6 lending have pushed cash-strapped government employees and teachers deeper into debt with their ludicrous interests. He added, “Alam ko ‘yang 5-6. Iyan ang gusto kong patayin na sistema. Kung hindi ko mapatay ang sistema, ‘yung nagdadala ng 5-6 na lang ang ating patayin. Mas madali man siguro.”
The 5-6 lending system is an informal system of loaning money and items. It usually charges high interest rates, sometimes as high as 20%.
The President said that lenders are put in “perpetual bondage” after being encouraged to borrow more. Duterte said, “You know, there in Davao, maldito itong… Well, I’m not trying to derogate the nation or the tribe. But itong mga 5-6 kasi sa Davao magpautang. Pagkatapos ‘pag mag-utang ka ng pera, pautangin ka pa ng kama, TV set. So dagdagan nila so you are in perpetual bondage.”
“Parang ang tao [The person] is slave working for you or for your money,” Duterte added.
The President explained that he tried asking the 5-6 lenders in Davao City to not charge high interest. Drawing laughters from the teachers, Duterte said, "Sabi ko sa kanila doon, you better stop it. Kung magpahingi ka ‘yung mucho derecho ‘yung the adopted method of lending the money and getting back the payment. "Pero kung dagdagan ninyo ng ganun, p— ina papatayin ko kayo."
The Department of Education (DepEd) has admitted that there are many public school teachers who are in debt. In DepEd Secretary Leonor Briones’ December speech, she stated that they are now gearing at financial system that will help teachers. Briones also explained the reason why teachers fall easily in debt, she said, “One reason why employees go into debt is due to the delays in the payment of salaries, in the downloading of fund, etc. [so] we have to work very, very hard on this.”
Meanwhile, Teachers Dignity Coalition leader Benjo Basas renewed their calls for their P10,000 across the board salary increase. He said that teachers will continue to be in debt due to rising costs of services and commodities. Basas also said that DepEd’s financial literacy program is not enough to address their financial concerns.
— Sally, The Summit Express
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| President Rodrigo Duterte wants to stop ‘5-6 lending, allegedly victimizing government employees, teachers. |
Speaking in front of public school teachers during a groundbreaking of a high school in Bulakan, Bulacan, Duterte slammed those behind the ‘5-6’ lending scheme and called them “unscrupulous loan sharks.”
Duterte said that those involved in 5-6 lending have pushed cash-strapped government employees and teachers deeper into debt with their ludicrous interests. He added, “Alam ko ‘yang 5-6. Iyan ang gusto kong patayin na sistema. Kung hindi ko mapatay ang sistema, ‘yung nagdadala ng 5-6 na lang ang ating patayin. Mas madali man siguro.”
The 5-6 lending system is an informal system of loaning money and items. It usually charges high interest rates, sometimes as high as 20%.
The President said that lenders are put in “perpetual bondage” after being encouraged to borrow more. Duterte said, “You know, there in Davao, maldito itong… Well, I’m not trying to derogate the nation or the tribe. But itong mga 5-6 kasi sa Davao magpautang. Pagkatapos ‘pag mag-utang ka ng pera, pautangin ka pa ng kama, TV set. So dagdagan nila so you are in perpetual bondage.”
“Parang ang tao [The person] is slave working for you or for your money,” Duterte added.
The President explained that he tried asking the 5-6 lenders in Davao City to not charge high interest. Drawing laughters from the teachers, Duterte said, "Sabi ko sa kanila doon, you better stop it. Kung magpahingi ka ‘yung mucho derecho ‘yung the adopted method of lending the money and getting back the payment. "Pero kung dagdagan ninyo ng ganun, p— ina papatayin ko kayo."
The Department of Education (DepEd) has admitted that there are many public school teachers who are in debt. In DepEd Secretary Leonor Briones’ December speech, she stated that they are now gearing at financial system that will help teachers. Briones also explained the reason why teachers fall easily in debt, she said, “One reason why employees go into debt is due to the delays in the payment of salaries, in the downloading of fund, etc. [so] we have to work very, very hard on this.”
Meanwhile, Teachers Dignity Coalition leader Benjo Basas renewed their calls for their P10,000 across the board salary increase. He said that teachers will continue to be in debt due to rising costs of services and commodities. Basas also said that DepEd’s financial literacy program is not enough to address their financial concerns.
— Sally, The Summit Express
