MANILA, Philippines (The Adobo Chronicles, Manila Bureau) – For decades now, 7-Eleven has dominated the 24-hour convenience store business in the Philippines, but now it is threatened by a newly set up chain — Five-6 — expected to open stores all across the country.
Five-6 (5-6) is widely known among Filipinos as a loan shark scheme whereby repayment comes with high interest. Basically, for every five pesos one borrows, the repayment is six pesos, or around 20% interest.
But the owners of Five-6 told The Adobo Chronicles is a far cry from the 5-6 scheme as we know it.
Rather, the concept behind the convenience chain is that for every 5 pieces of the same item you buy, you get a 6th piece free. For example, if you bought a 6-pack of San Mig Light, you only pay for 5. Half a dozen eggs will cost you the price for 5.
This may not approximate the now popular community pantries, but it’s a good, cost-saving perk that comes with the convenience of a 24-hour grocery service.