There was a time the priest at church sermon was about Jesus encountered money changers in the temple. Enraged by their usury and sacrilege, he went on a tear–overturning their tables, physically driving them out, and chastising them for converting the temple into a “den of robbers.”
The Bible doesn’t say where these bloodsucking lenders went, but now we know: They have re-emerged in recent years to set up their tables right inside the Department of Justice of Arroyo government, moonlighting in a dark alley of market fish vendors called the “Five-Six market.” The what? Don’t be deterred by the finance industry’s jargon in the Philippines (which is intended to numb your brain and keep regular folks from even trying to figure out what’s going on). At its core, this is a classically simple story of banker greed and outright sleaze. And the astonishing part is that nearly all of the rank injustice perpetrated by today’s money changers is considered legal and is practiced by supposedly reputable government officials.
But what I’d really like to talk about are this week’s news, columns and opinion pieces, which are a strange lot. I mean, what’s with this piece about Proscecutor Resado from DOJ who deposited 800,000 pesos on 5% inetrest his wife collected on their roving capital business short of infecting himself of operating a “Shark Loan” business with chances of getting the job aren’t looking too good.
If small vendors in the different public markets of the province will be given the chance to access easy-to-avail and collateral-free loans from rural banks, this will invigorate economic activity in the rural areas and will also contribute to economic growth of the entire nation not the the fat milking cow of Prosecutor Resado. Thereby enhancing livelihood and economic opportunities among small entrepreneurs by way of available credit facilities in the rural areas.
I know first-hand that loan sharks can seem like a good option for small businesses, but prove harmful in the long run, the high interest rates placed a heavy burden on small business,The loan shark offered 10 loan with weekly payment 0f 12, the loan unaware of the burden that the weekly interest rate would cause—if charged annually, the rate would have topped 150 percent almost!( I’m not sure with my accounting) became unable for them to keep up with payments.
The five/six business disingenuously hurts the poor vendor people who receive these loan for they have nowhere else to turn for fishball vending financing. What self-serving hogwash! There could be five/six loans–from individual administered with deceit. They target lower-income families as suckers to be had, packaging their dreams into investment playthings for speculators and tax dodgers, let’s view these folks as assets to the larger community and realize that market vending for them is only a source of living and while they’re at it, this shark loan is driven by their low-wage/no-benefit economy and by our country’s growing scarcity of expensive goods.
Rolling money in Five-Six is a strategy among borrowers in their desperate bids to manage their debts..Sometimes people who need money to pay off moneylenders who had lent them money earlier. They keep on rolling and rolling their debt until it gets bigger and bigger, The hole they are in gets bigger and bigger until they simply cannot cover.
This five/six loan system must be fixed–our leaders’ pursuit of a low-income people must be stopped.
Manong Cocoy,
Ako ang buena mano ngayon, at least hindi na ako tersera kagaya ng nasabi ni Tang Tuwisted. Anyway iyang 5/6 ay pinapatos ng mga kapwa Pilipino natin na may matinding pangangailangan.
Ito rin ang dahilan kung bakit dumadami ang mga bumbay sa Pilipinas. Problema nga lang kung wala nang pambayad iyong may utang. Marami diyan napilitan nang pinambayad ang kanilang wet pussy kagaya ng kuwento ko tungkol kay Mr. Singh at Minnie.
Mabuti na lang nahanap mo ang iyong password kaya sumigla na naman ang negosyo sa CD.
Ano kaya ang itsura ninyo ni ka artsee na nakaturban at nakasakay sa motorsiklo habang pinapasyalan ninyo ang mga tindera sa palengke upang maningil ng 5/6 hehehe.
Hahahayyyyy nandito pala ang idol ng mga bumbay at mahilig sa 5/6. Sinasabi ko na nga ba kapag 5/6 ang pinaguusapan ay laging nangunguna si Segundina.
Manong Cocoy ayos itong negosyong nasimulan ninyo ni ka artsee. Sana makita ko kayong nakaturban pareho at sakay ng motorsiklo na aali-aligid sa mga palengke nang makautang man lang ng pambayad sa bill ng kuryente hahaha.
Tado ka Banong. Ginawa mo pang mangungutang sa mga bumbay itong si Segundina. Hindi kaya ikaw iyong laging nagtatago sa mga bumbay kapag pangkat-pangkat silang dumarating sa inyong lugar upang maningil? Balita ko patong-patong daw ang mga kaso mo sa barangay dahil sa mga utang na di nababayaran at nababaon na lang sa limot hehehe.
Walang hiya ka Banong, ginawa mo pa akong reyna ng mga bumbay? Hindi pa po naman ako desperado no para pumatol sa mga superpowers.
Mahilig ka kasing mangutang ng 5/6 kaya ganyang ang takbo ng utak mo. Nalaman mo lang na may negosyong 5/6 sina Mang Cocoy at artsee kaya ang makapangutang kaagad ang iniisip mo.
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mukhang yong mga kontraktorong mga pinoy ginamit na ang 5/6 mo hahaha
Alam kasi ninyo mga suki,kaya itong 5/6 ang subject natin for today para maturan natin ng aral ang mga mahihilig mamingwit ng pating.
Now,class listen!
I consider this 5/6 as a “Shark Loan” that will bite us.These 5/6 hucksters and finance manipulators looked upon the pool of needy, vulnerable borrowers, practically there is no regulation on this usury and sacrilege. Never mind that these families really could not afford (and mostly did not understand) the level of debt being piled on their backs. That was a matter for manana. These lenders and bombays are there for raking in profits from the poor.
And when this borrowers unable to pay, lender sharks seem to be resorting to more violent ways in collecting their payments, the borrowers are still willing to risk their lives for a quick solution to their financial woes.
Segundina,
Oo nga tumersira ka raw sabi ni Tongue paakyat sa zig-zag mula dinalupihan hangang sa marating mo ang Gapo.Nasaan na si Kimuchi? Balita ko nag madir na raw.
Banong,
Hindi mo ba alam na d’yan naging milyonaryo si artsee sa negosyo niyang 5/6.
Pinautang nga niya ako dito sa pagbubukas ng coffee shop.Kaya lang matindi kong maningil gusto araw-araw everyday ang tubo.Sa kanya na nga lang napupunta ang kinikita.Parang linta kung sumipsip ng dugo.Hehehe!
Mer,
Pinagtataguan ba ni Banong ang mga Bombay?Delikado iyan,sabihin mo sa kanya kung haharap siya sa bombay kasama si britney at siya na lang ang pambayad.Hehehe!
reyna,
Kaya nga nagtatago si artsee ngayon baka ipatawag siya ng senado.Pero kapag natangap ko ang warrant ipahanap ko kay Kapitan si artsee,Takot akong pumunta doon baka magalit si sisa sa akin at sasabihin pang “Ano ang tinawa-tawa mo diyan?ignoramus”
Politicians and bankers are the same the world over.
US banks got millions in “bailout” $$$ and instead of making loans available for the masses they bought up other (failing) banks!
Even in the news today Citibank is said to be purchasing a Learjet for their BigWigs!
God help us all.
Can I have a loan?
Cocoy glad your back!
Kamuntik na nga akong nag madre.Pero hindi true na pumasok ako sa convent,sinungaling iyang si Tong.HIHIHIHIHIHIHIHI
mssc54
Yes,Master Sgt. I read that too about Citibank.That bailout was a crap for greedy politicians.
Kimuchi,
Si Artsee ang may puhunan ng 5/6 hindi ako.Mabuti at hindi ka natuloy mag madir.Hehehe!
welcome back!
araw araw i check your blog para malaman — what’s on mind this time? kagabi lang pinag uusapan namin ang mga pangyayari na to and just like what you said, it all boils down to greed. on aig bailout naman, nabasa ko noon only days after it wasa announced that they are to be bailed out too, the ceo and top execs of aig went out on a spa vacation. hay… what a way of coping with their loses….
Kimuchi, ano’ng sinungaling? Nakita ko kayo ni Father, sabay kayong nagdadasal ng magkaharap. Siya nakatayo, ikaw nakaluhod. Nakalimutan mo pa ngang mag-belo kasi naiwan mo sa may labas ng simbahan, nakita ko yung karton na nakasulat Belo Essentials. O di ba?
Pagkatapos sinuutan mo ng lobo yung kandila ni father at hinimas, akala ko nga matutunaw aba at lalong tumigas. Hinintay kong sindihan mo yung kandila e yun pala maigsi yung mitsa kaya siguro sinipsip mo muna , kaso ang tagal mong sinipsip. Iniwan ko na kayo dahil nainip ako. Mahaba pala ang seremonyas ng pagmamadre.
AHHHH! Ikaw ba iyun Tong.Sumabit nga ang tinga sa ipin ko.Mas malaki pa ang ibinayad ko sa dentis kesa sa bigay ni padir.Ayaw kasi akong pautangin ni kuya artsee ng 5/6.Pero nag-enjoy si padir.HIHIHIHIHIHIHI
Tongue, iwasan mong magbiro tungkol sa mga Pari dahil masasaktan ang mga Katoliko. Hindi bale ang mga madre. Alam mo ba na may kumpare ako na ang nobya isang madre. Tuwing sila nagkikita, madali silang mag-“quickie”. Kasi ba naman walang panty ang madre.
Nakakasuka ang mga taong 5-6 ang negosyo. Pagsasamantala iyan sa mga nagigipit. Ako, 6-5 and pautang ko. Ibig sabihin…kapag umutang sa akin ng P5, ang ibabalik ko sa iyo ay P6.
Bibihira na ngayon ang mga negosyanteng katulad ni kuya artsee. Sana ganon din si Henry Sy. Kapag umutang ka sa Banco de… ng isang Million ay 900K pesos lang ang iyong babayaran at ibabalik pa niya iyong 100K bilang tubo na iyong inutang. Hanep, galing nito. Alam kaya ni Obama ang ganitong takbo ng negosyo, Hehhehe.
Si Henry Sy? Umutang sa akin ng P5B at P6B ang ibinalik ko sa kanya.
panu po ba umutang ng 5/6? sobrang kailangan ko lang po tlga kc pambayad ng tuition fee ng kpatid ko titigil kc cya sa pag-aaral.
please reply asap po.
tnx.