Senator Hontiveros Files Bill To Legalize 5-6

MANILA, Philippines (The Adobo Chronicles, Manila Bureau) – President Rodrigo Duterte’s order suspending the gaming schemes of the Philippine Charity Sweepstakes Office (PCSO) due to alleged corruption has sent shockwaves across the nation.

Foremost in the minds of politicians is the potential loss of revenue to help fund the government’s social programs. A percentage of PCSO collections is supposed to be remitted to the government but a recent audit by the Commission on Audit shows that PCSO has failed to remit some P8 billion as of 2016.

To lessen the impact of such potential loss of revenue for government social programs, Opposition Senator Risa Hontiveros has filed a bill to legalize the 5-6 scheme.

”5-6” is a loan practice popular among Filipinos whereby an individual provides short-term loans to others at 20% interest — no paperwork, no collateral needed; just word of honor.

Under Hontiveros’ proposal, 5-6 lenders will now be registered with the Bureau of Internal Revenue as a legal loan business. Ten percent of the earnings of the individual lenders will be remitted to the government to be used as a social program fund.

What a brillint idea, Madam Senator!

 

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One thought on “Senator Hontiveros Files Bill To Legalize 5-6”

  1. 20% is to high to start with and half the earnings s not only to much it is stealing as the loaner has to deal with books and collections and taking over cards of the retired and those on social welfare so this should be illegal in every séance of the word Loan, a normal loan in all other countries are depending on the interest rate of government, which in this case is .034% which is 3.4% of the loan not ten percent this is out right stealing and should be against the law in every séance of the word Loan as this is what is called a Bookie or Organized crime inside a government which is pushing this government back into the third world country, the author should be ashamed of herself for even suggesting a bill of this kind as it is clearly organized crime, a person cannot pay back any large loan sensibly at 20% and will lose all they have to try paying back the loan!

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