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Gov't takes on '5-6' loan sharks in wet markets

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2016/nation2/10/22/isda-fish-inflation.jpg"/><figcaption><div class="embed-desc">A vendor sorts her fish for sale at a fish market located in Paranaque CityDarren Whiteside, <em>Reuters/File Photo</em></div></figcaption></figure></div><p>MANILA - The trade department said Saturday it would tour wet markets offering loans with zero to little interest, to help the poor start businesses and wean them off loan sharks.</p><p>President Rodrigo Duterte blasted &quot;5-6&quot; lending in a speech in Beijing this week, saying exorbitant interest rates are &quot;killing&quot; the Filipino entrepreneur&#x27;s spirit.</p><p>The loan tour is part of a pilot-test of &quot;Pondo Para sa Pagbabago at Pagasenso [Change and Progress Fund],&quot; the government&#x27;s plan to spur small and medium enterprises, Trade Secretary Ramon Lopez told DZMM.</p><p>&quot;Mapapautang sila ng mababa o halos wala ng interes. Mawawala na &#x27;yang &#x27;5-6&#x27; na napakalaki ng interes [They will be given loans with very low or almost no interest. It will be the end for 5-6 and it&#x27;s high interest rates],&quot; Lopez said.</p><figure class="op-interactive"><iframe allowfullscreen="" frameBorder="0" height="315" src="https://www.youtube.com/embed/YnKsTkcKI-4?rel=0&amp;showinfo=0" width="560"></iframe></figure><p>The Securities and Exchange Commission earlier this week asked the police and the National Bureau of Investigation to help in its <a href="http://news.abs-cbn.com/video/business/10/21/16/mga-nagpapautang-ng-5-6-hahabulin-ng-gobyerno">crackdown on informal lending</a>.</p><p>Lopez said the government would also push for signature products that a city or province is known for, like shoes in Marikina City.</p>

<p>The trade department said Saturday it would tour wet markets offering loans with zero to little interest, to help the poor start businesses and wean them off loan sharks.</p><p> </p>

The trade department said Saturday it would tour wet markets offering loans with zero to little interest, to help the poor start businesses and wean them off loan sharks.