Duterte threatens to kill '5-6' loan sharks

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Metro Manila (CNN Philippines, January 10) — President Rodrigo Duterte on Thursday said he wants to kill loan sharks who continue to offer the "5-6" scheme.

"Alam ko 'yang 5-6. 'Yan ang gusto kong patayin na sistema… kung hindi ko mapatay ang sistema, 'yung nagdadala ng 5-6 na lang ang ating patayin. Mas madali man siguro," Duterte said in a speech during the groundbreaking of a school in Bulacan.

(Translation: I know that 5-6. That's the system I want to kill. If I can't kill the system, then I'd rather kill the ones operating it. Perhaps it's easier.)

The President said the lending scheme is "a kind of oppression."

He recounted his efforts to end "5-6" in Davao City when he was still a mayor.

"Sa Davao magpautang pagkatapos pag nag-utang ka ng pera pautangin ka pa ng kama, TV set, so dagdagan nila. You are in perpetual bondage. Parang ang tao is slave working for you or for your money," he said.

(Translation: In Davao, they'd loan you the money, then after you take out loan, they sell you bed, TV set on installment, so they added. You are in perpetual bondage. It's like the person is slave working for you or for your money.) 

"Sabi ko sa kanila doon (I told them there) you better stop it. Kung magpahiram ka 'yung diretso (If you loan the money, do it directly), the adopted method of lending the money and getting back the payment. Pero kung dagdagan ninyo ng ganon, p***** papatayin ko kayo (But if you're adding like those, f***, I will kill you)," he added.

Popular among poor communities, the 5-6 lending is a scheme wherein the lendees can borrow money at least 20 percent interest rate per month.

In 2016, Duterte ordered a crackdown on people involved in 5-6 lending and even threatened to arrest and deport foreigners behind such scheme.