Department of Justice (DoJ) Secretary Vitaliano Aguirre II on Tuesday said that persons especially Indian nationals engaged in lending business more commonly known as "5-6," will be arrested even without warrant of arrest.
In a press briefing, Aguirre said the interest in the "5-6" lending activity is legal after the repeal of the Usury Law and the removal of interest ceilings.
But the DOJ Secretary said operating a lending business requires permit and other requirements.
"Pinapahuli ni Presidente (Rodrigo Duterte) mga bumbay (Indians) na nagpapa 5-6, kawawa (naman ang) mahihirap (sa) 20 percent na taas (ng interest). They could be arrested without any warrant. When they're doing that they're committing a crime," he told reporters.
The government will push for the implementation of the nation-wide micro lending program to address the 5-6 lending business.
Earlier, President 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 Indian nationals.
The President said Filipinos had been experiencing such condition but it had not been noticed for a long time.
Source: Philippines News Agency