Cayetano laments poor’s dependence on loan sharks despite economic growth

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Senate Minority Leader Alan Cayetano. FILE PHOTO

MANILA, Philippines – Despite the much-heralded 6.6-percent economic growth registered in 2012, to get by ordinary folk  have to continue relying on “five-six” loan sharks who give out loans at 20 percent interest, reelectionist Senator Alan Peter Cayetano said Saturday.

Cayetano, who is running with the administration coalition Team PNoy, said he conducted consultations with market vendors and tricycle drivers in Metro Manila in the first week of the campaign period. It is these sectors that are the regular clients of loan sharks.

Cayetano, one of the three Nacionalista Party members in the coalition that is led by the Liberal Party headed by President Aquino, said the government should create more cooperatives and expand existing ones that could lend money to their members at low interest rates.

“It’s not enough that we have 6.6, we need to erase 5-6,” said Cayetano, contrasting the economic growth rate to the usurious rate poor borrowers have to contend with in the underground economy.

Five-six operators charge a steep 20-percent interest for loans while banks charge six to eight percent and rural banks 15 percent, according to the senator.

“It is unfortunate that our people are forced into these circumstances because they either cannot afford today’s high prices or lack jobs or are forced into accepting lower wages,” said Cayetano.

He told the Philippine Daily Inquirer in a phone interview his market visit to Tondo showed that vendors had yet to feel the 6.6-percent economic growth the country posted under the Aquino administration in 2012.

“They said their sales continued to be slow (matumal). They also said that while they had a cooperative, they still borrowed money from five-six [loan sharks],” Cayetano said.

They are also concerned about the high incidence of crime, he added.

Cayetano kicked off his campaign with breakfast and consultations with market vendors at the Pritil Market in Tondo, Manila, on Tuesday and with flower vendors at the Dangwa Market on Wednesday.

In a dialogue with tricycle drivers in Taguig City on Friday, Cayetano said he learned that they took home to their families only P200 daily from a gross income of P600. Cayetano said P200 went for gasoline and P200 went to the tricycle operator.

“Two hundred pesos [is] not even half the daily minimum wage,” he noted.

“If tricycle drivers only make this much, it is not surprising that they resort to borrowing from five-six operators just to make ends meet,” he said.

Cayetano told members of the Taguig Tricycle Operators and Drivers Sassociation he would introduce measures “that will translate to better livelihood opportunities for them complementary to those already put in place by the Taguig City government.”

Cayetano’s wife, Lani Cayetano, is the Taguig mayor.

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  • http://profile.yahoo.com/WWOTOJASNHRXAP77UNRETCZZGQ ulrich j

    In a dialogue with tricycle drivers in Taguig City on Friday, Cayetano said he learned that they took home to their families only P200 daily from a gross income of P600. Cayetano said P200 went for gasoline and P200 went to the tricycle operator.
     
    “Two hundred pesos [is] not even half the daily minimum wage,” he noted
     
    SO?  ano dapat gawin  EPAL ?   puro  ka  pa kyut e  puro ngalngal.  ilan taon  na  kayo nakaupo  un iba dekada  iisa lang  yan dskarte  nyo …MAG P KYUT…yan mga  tao na sinsabi mo  hangng ngaun gnyan p dn stawasyon….HAYSSSSSSSSSS  enough ! BOTANTE  MATUTO  NA SANA !

    • Adam_d_langgam

      Natumbok mo kabayan. Inutil na senador. Ngayon nya lang alam kung magkano ang kinikita ng mga tricycle drivers? Nag conduct daw sya ng consultation sa start ng campaign. Ilang taon ng nasa politics ang pamilyang ‘to? Mayor ang asawa at walang malay sa araw-araw na buhay ng mga ordinaryong pinoy. Alam naman pala ang dapat gawin, eh ba’t lhindi ginawa.

      Sa laki ng pork ng mga ganid na ‘to, pwedeng magtayo ng coop sa lahat ng bayan at pwedeng punduhan ng tif isang milyon para sa small -time businessman. Yong mga nagbebenta ng isda at gulay sa palengke. Kesyo, hanggang election lang kikilos ang mga ‘to.

      And pls mr cayetano. Akala ko ba matalino ka. Kailan naging steep ang 20 0per cent interest? Legal yan. Ang steep eh yong 20 per cent per week na syang interest ng five six. Kaya lalong nabobo ang mga pinoy dahil itong reporter hindi man lang inalam kung ano ang “steep”

      • http://profile.yahoo.com/WWOTOJASNHRXAP77UNRETCZZGQ ulrich j

        matalino  ang mga yan ser kapag  maliliit  un kaharap  nila…un  alam nila kaya  nilang  bilugin ang ulo…

        IKAMPANYA PO  NATIN  AT IBOTO ANG MGA  DESERVING NA KANDIDATO…

      • 12JEM

         Who are those who more deserving?

      • http://www.facebook.com/danilo.navarro.946 Danilo Navarro

        isa ka din ba sa walang alam 

    • Borogol

      everytime I can see his lying face sa TV commercials… napapamura talaga ako. especially on this part…

      “MAGKANEGOSYO ANG GUSTONG MAGKANEGOSYO”…

      ang HAYUP! kala mo bago lang sya papasok sa senado… sa bagay, parepareho lang nman sila… di pa nakuntento na meron kamaganak na pulitiko, aba dapat talaga lahat ng kamag-anak e nasa gobyerno… 

  • Ph3n0M47

    Im starting to like this guy…

  • http://profile.yahoo.com/AND7MQ5FERICDOIAUW56RYT45A tower_of_power

    Only the likes of ONGPIN can go to the banks with ONLY LAWAY ang dala para makautang!!! Yung mga POOR …BOMBAY NALANG ANG PAGASA … so what can you do about this Sen. Cayetano? Naumpisahan mo na lang rin lang … ituloy na ang pagbubuinyag ng mga katiwalian dyan sa senado … baka maichannel sa mahihirap ang mga excess na kaperahan dyan … bago pa maging excess baggage ng mga senador na paalis na.

  • bogli_anakdami

    i go to my bombay payb/siks if i’m short of datong…  walang papeles… at saka si bombay pa eh pumupunta dito sa looban para maningil… dats kostomer serbis, di ba?

    pag ako eh nagpunta sa bangko, ang mga teller akala mo kung sino… tapos ako eh i-inlesin pa… ay sus ginoo…

    ang maganda lang sa banko, eh erkon…

    yun lang…

    • indiosbravos2002

      Tellers are bottom feeders in the banking industry. Dont get intimidated. Mas malaki pa sweldo mo sa mga yan.

  • Guest

    01. At the risk of sounding racist and anti-Bumbay, Alan Peter Cayetano goes out on a limb to raise issues that must be raised. This is commendable. But raising the problem of loansharks is merely paying lip service to the issue without providing real solutions. What does Cayetano propose to do aside from microcredit? How does Cayetano propose to making credit more accessible to people on the ground, people without the necessary papers? People go to 5-6 for a reason.

    02. The much ballyhooed 6.6% GDP growth of 2012 is not felt by vast majority of ordinary Filipinos because (1) GDP does not measure the economic growth or lack of growth of the informal sector of our economy. Fishball vendors, balot vendors, PUJ drivers, kasambahays and many more are not covered by the GDP figures. (2) On top of this, the GDP of 2012 looks good only because 2011 was not so good, thereby allowing 2012 to come from a low base. These two reasons were cited by Economist Ben Diokno repeatedly but not heeded by the self-congratulating PNoy administration.

    03. The informal sector of our economy accounts roughly for almost 50% of our labor force according to former NEDA Chief Paderanga (source: gmanetwork,com/news/story/249994/economy/business/upbeat-labor-performance-boosts-economic-outlook-neda-chief). This is too big a group to miss out on given that our GDP statistics do not cover them. This disparity also explains the disconnect between the highly touted GDP growth figures by PNoy and the sentiment of the people on the ground about their general economic well-being.

    04. Before we beat up the Bumbays too much, let’s also get real. Credit card companies that offer paylite schemes for 12 to as long as 24 months also make quite a profit from their transactions. In some cases, more than 20%. While Cayetano should be commended for taking on the lowly turbaned Bumbays, he should also be taking on the excessive profits and abusive practices of credit card companies.

    05. Without offering concrete solutions, Alan Peter Cayetano is just another white man, half-white to be more accurate, oppressing former colonial coolies such as the Bumbays. At least that’s how some quarters will get back at him if he fails to offer any concrete solutions. Cayetano’s bid to gain more popularity among the masses does come with a price. He has to work for it, like all trapos should. No free lunch please.

    • Bansot

      commendable argumen!!!. wish more bloggers will do the same way.. May I add, that before we condemned those whom we called “loan shark”, we must also consider the level of risks that they take in lending out these monies. There are no collaterals to secure these loans, there are no formal covenant to cover the transactions, and therefore the probabilities of collection are no better than 50%.50%. The lenders merely rely on the “good faith’, of the borrowers but should the latter defaulted ,there are no legal remedies for the lenders. Probably, we may also use the word ” loan crocodile” for those who love to borrow without any intention of paying at all!!!

  • indiosbravos2002

    Unemployment, low salary or bad credit rating. Those are the reasons why people go to loan sharks. May magpapautang pa bang iba? Yon ang tanong..

  • indiosbravos2002

    Loan Sharks to poor people, Credit card companies to waged employees. Same old, same old. Both usurpers and opportunists. Credit card companies even making it look cool to possess a CC.

  • indiosbravos2002

    Pag eleksyon lang lumalabas mga pafeel good na issue tulad ng 5/6. Makes me think of those gusto ko happy ka BS of Enrile. Bababa daw Kuryente at SMS charge.

    The Philippines without any active Usury law (suspended 1982) and removal of interest ceilings is subject to opportunists. How about bringing back the interest ceiling for starters.

    • 12JEM

       No and a big no to interest rate control..It is counterproductive…just like any price control.

  • speaksoftlylove

    At least yong nangungutang at kumakapit sa patalim kahit biktima ng mga loan sharks ay “poor.” In fact, very poor. Pero kayong mga Cayetanos ay mga milyonaryo na pero bakit kayo may utang na milyon milyon kay Enrile? At lumalabas ka kayo mismo ang “loan sharks” at hindi yong nagpautang sa inyo. Hindi lang ninyo kinagat ang kamay ng nagpautang sa inyo kundisi Enrile mismo ang nilamon ninyo na buo.

  • joerizal

    Paano mo iboboto ang ganitong tao na napakakitid ng vision…ni hindi man lang lumalabas sa Taguig yung mga issues na tinitingnan niya. Ang laki-laki ng Pilipinas at senador pa naman ang posisyon niya pero di kasama sa agenda niya ang karamihan ng mga Pilipino. Dapat sa kanya mag-barangay captain na lang.

    • Borogol

      and I would bet, the information is from his wife. Lani Cayetano….

      yan naman trabaho ng Senador.. Upo-upo lang

  • suburbanmother

    At least this guy is talking about issues. Now if only he can talk specifics on what kind of solution he is proposing…

    • speaksoftlylove

       When this guy called for PNoy to sign his unconditional bank waiver, after he voted for CJ Corona’s impeachment, and in fact stated that, “If you don’t fit, don’t sit.” then rushed to join PNoy’s coalition when the senatorial election drew near then how can you believe the words of this plastic man? He is definitely amalayer and no rhetoric or any flattery campaign propaganda can change that. It’s not an issue, it’s a campaign propaganda to hoodwink the people once again.

  • http://pulse.yahoo.com/_OHOD5EA75DBBUH53UKLRXRK764 Mang Teban

    What is lamentable is the fact that the wife of the senator is the city mayor.
    This “5-6″ operation is not new. Bago pa pinanganak si Alan Peter Cayetano, mayroon na nito.
    Kaya, nakatatawa naman na parang nadiskubre niya ang bagay na ito na walang iba na may alam kung bakit at papaano ito susugpuin.

    Why are there loan sharks? The answer is that there are borrowers willing to risk paying high interest because the legitimate lending institutions make borrowing difficult.

    How can loan sharks be put out of business? The answer is implementation of laws that prohibit illegitimate lenders and that legitimate lenders should ease the lending requirements and offer easy terms of repayment.

    If the loan shark is a foreigner, the Immigration people must crack down and deport that person with permanent “persona non grata” status or a long blacklist period of 20 years before the foreigner can re-enter our country. Of course, if there is valid case to prosecute the foreigner, then it must be pursued in court. 

    If the loan shark is a Filipino citizen, the person must be denied exit from our country and his passport must be canceled. If proven guilty in court, he has to pay for his crime.

    The reality is that most of the borrowers are not “poor”. They are just “bad” borrowers or those who borrow beyond their means. These are the people who are impulsive and gamble their savings on risky ventures. If the government really cares for the poor, it must give poor people access to livelihood and employment. If the government has to fund initially a cooperative or give out “pay-later” business loans, the most important factor in this kind of program is professional advice.or competent financial counseling Without the competent consultants or program directors helping the “impulsive” borrowers, the vicious cycle of perpetual borrowing will remain ingrained in the miserable lot of the poor. Alan Peter Cayetano is a pathetic politician prone to panicky pathos.

  • boybakal

    Cayetano laments poor’s dependence on LOAN SHARKS DESPITE ECONOMIC GROWTH.

    Economic Growth is only for the rich…rich businessmen.
    This growth does not redound to the benefit of  poor families.
    The share of growth is always to those whose pocket is full and of course revenue to govt and pork barrel for politicians.

    Why call these Loaners…. Sharks…they are not Loan Sharks, they are creditor like Banks.
    Unlike the Bank that don’t give loans to poor filipinos unless they have collateral, these loaners take the risk of giving loans with or without return of capital.
    Their giving Loan is Double Trouble.

    Loan businesses are in abundance not in our but in other countries too.
    Interest is double triple.
    But nobody complains, they are not called Loan Sharks but Payday Loans etc etc.

    What is your solution Mr. Cayetano. Are you going to give them Loans without collateral.
    Or take the risk of pay and run.
    Unless you put a solution like Cooperative Loaning, then let’s do it.
    Until such time….Bombay are filipinos partner for life. They trust us with our face. No collateral.

    • Borogol

      ….solusyon nya dyan, i invest sa Aman futures… para ma scam at magpatiwakal yung iba… tutal by that time, panalo na siguro sya at sitting pretty na naman sa senado

  • Borogol

    kung magsalita na naman to… kesyo, “MAGKANEGOSYO ANG GUSTO MAGKANEGOSYO”.. Hello, mister! Re-Electionist ka, anong ginawa mo nung nakaupo ka pa? tapos sasabihin mo yan? 

    Ngayon, magtatanong ka, bakit sa 5-6 nangungutang ang mga tao at hindi sa banko? nakasubok ka na ba mangutang sa banko at imbes pahiramin ka ng pera e, “pasensya” ang ibigay sayo. Syempre, ang mga banko, hindi yan basta basta mag papautang, i-check ka muna mabuti na qualified ka sa loan, na kaya mo mag bayad ng maayos.

    ang mga pulitiko talaga… pag eleksyon, kala mo kung sinong makakapag ahon sa hirap ng bansa…..  so, please lang sa mga pulitiko… wag na kayo man6a60 ng mga tao…

    sana yung mga senador e, merong waiver.. pag ndi nya nagawa yung goal nya by end of term, ikulong pagtapos ng term…. yan ang problema sa govt e… sample na lang sa private companies, pag nagkamali ka… SIBAK ka agad.. pero sa govt office, nang gahasa ka na, pumatay , ang nangurakot ng pera ng taongbayan, nakakabalik pa sa pwesto…

  • axe musk

    Economic Growth achieved by the Phils. is JUST ON PAPERS… ONLY THE BUSINESSMEN (AND POLITICIANS ALIKE) FELT SUCH GROWTH, BUT TO THE 95% FILIPINOS, LIFE IS GETTING HARDER AND HARDER EACH DAY!!!  POLITICIANS WILL USE THIS IN THEIR CAMPAIGN AS IF THEY WERE UNAWARE OF THE FEELINGS OF THE MASSES, THAT WE WERE CONTINOUSLY STRUGGLING TO BUDGET A VERY SMALL MONEY JUST TO SURVIVE EVEN WITH THE MUCH PUBLICIZED ECONOMIC GROWTH OF THE COUNTRY….

    THE SAID ECONOMIC GROWTH RATE WERE NOT DUE FROM THE GDP BUT FROM THE OFW REMITTANCES…. IS THIS THE ECONOMIC GROWTH W HAVE TO BE PROUD OF???? WHAT IF ONE DAY ALL HOST COUNTRIES OF OFW’S WILL CLOSE THEIR DOORS TO HIRING FOREIGNERS??? WILL THE PHILS. STILL BE ON ITS FEET TO AT LEAST MAINTAIN THE SAID ECONOMIC GROWTH??? 

    • novaliches

       Pagbumalik lahat ang mga OFW, sa loob lang ng isang taon, ang dollar-peso rate ay P65-70/$, at ang mga Sy family, babalik sa pagtinda ng shoes sa avenida.

  • bogli_anakdami

    ako’y nagpunta sa bangko para umutang at magsimula ng negosyo… hinihingian ako ng kolateral… ang mga demonyong taga bangko eh ayaw pang i-release ang titulo ng aking lupa, bayad na about five years ago… kc, naghihintay ng malaking lagay para ma-release ang title…lagi na lang akong pinabalik-balik doon sa headquarters sa ayala… at laging nagtatago ang hinayupak…

    allah eh papano ba naman ako lilibugang magtayo ulit ng panibagong bisnes dito sa flipland?

    tapos, yung titulo ng lote ko sa tagay-tagay oooopsie tagaytay eh di pa rin ready… nasa veterans bullshit daw… nakupo naman… bakit ang veterans eh kaladkad sa mga kawalanghiyan ng flip bangkos… tatayuan ko sana ng paupahan/bakasyon house para sa aking mga kabits eh…

    yun lang…

  • $23601969

    The senator should be telling and reminding people his accomplishments as a re-electionist, and not telling the people problems he knew but did not solve during his 6 years in office.

  • boybakal

    I watched your Maalaala Mo Kaya episode.
    You were already meeting poor families then when your Dad was campaigning.
    I thought you already find a solution to the problem.
    That was 30 years ago scene.
    It means….issues, social issues are abundant during campaign period.
    The same as usual….redundant.

  • Roberto Duran

    …ngayon mo lang na discover sir? ngayon lng kyo nagpa survey? ano ginawa mo the past years? talagang nakakahiya tong mokong na to. magkapatid pa sa senado, mga Pinoy din nagpapaloko, prang wala nang iba na pwde maging senador…pweehhh…. when i look at this guy’s face, i see a blank wall… all talks, no action, all looks, no substance…TRAPO!

  • boybakal

    Wala naman nagpapautang kundi BOMBAY.
    Pilipino walang tiwala sa kapwa Pilipino.
    Buti na lang ang Bombay, Loan SHARKS, yon Pilipino Loan CROCODILE.
    Hindi na nagpapautang, Kinokotong pa ang Inutang.

  • http://profile.yahoo.com/VS5EYSP4FPOTVQCJZ24NRE6Z2M Edgardo Mendoza

    TITO SOTTO TUTA NI DAMASO GUS2 MAG PARAMI NG BATANG HUBO SALOT!

  • bogli_anakdami

    totoo to ha…

    nagpunta ako sa bangko para umutang… pinabalik-balik ako, kc, si flip gung gong bossing manedyer na pipirma ng papales eh bising-bisi daw…

    nagpunta ako kay bombay… BAM! tapos ang transaksyon within an hour… heto meron na naman akong pambili ng additional sampaguita at ylang-ylang, saging na saba for my bananakyu, and itlog ng pogi oooopsie pugo,  etchas tera, etc…

    kaya, papano ka ba naman lilibugang mag palago ng negosyo dito sa flipland?

  • Fear God

    I was an OFW and after returning from abroad I decided to set up a new business. I went to a bank to apply for a business loan of one million pesos.

    They ask me what is the collateral? 

    I offered them my house & lot which I acquired from my life long savings.

    They ask me to pay 3,500 pesos for appraisal fee. I paid.

    They appraised the house value at 2.5 million (market value is 4.5M)

    Then they ask me to submit the following:
    1.Business Permit
    2. Mayor’s permit
    3. BIR
    4. Bank statement for the past 6 months.
    5. Audited financial statement for the past two years.
    6. Title of the house
    7. Tax declaration (latest)
    8. Barangay clearance
    9. Cedula
    10. A guarantor. ( This is where i got mad. I am giving my 4.5 M house against a million peso loan, if I fail to pay they foreclose my house. Now a days who will stand as guarantor for someone else’s loan?)

    Then you got to sign many blank forms. No fix interest rate. Mortgage fee is too high. Life insurance, Fire insurance, finance charge, late charges, over draft, check return fee, documentation fee, processing fee, OMG! there is no end….Banks are so GREEDY.

    This long long lolong process can easily make anyone really crazy…

    Since I was new in business and ran into trouble. The company I was supplying goods issued 35 post dated checks which all bounced. I went to court but the judge declared the person issued the bouncing checks “not guilty”. I am sure you know why.

    I had no option but to close the company. Worse, BIR ran after me. I explained them my problem and they are not interested to hear coz I refused to bribe. Then came the “warrant of distraint and levy” order from BIR against my house. I had to sell my house and move to a rental house in order to clear the tax demands and penalties. I had to pay tax to the amount I could not collect.

    I am sure this is the situation of many. If you are a straight forward businessman, you won’t survive.

    I lost everything, patiently waiting now for a chance to migrate to another country where there is less corruption.

    • bogli_anakdami

      welcome to the world of flip gung gongs…

      starting a small biz in flipland is a joke… the city hall is a nightmare… the bank is equally pathetic…

    • novaliches

      Kaya nga mas maganda pa ang 5-6, wala ng tanong tanong, at kung malulugi ka pwede mo pang takbuhan, hindi ka naman idi-demanda ng mga bombay na yan.

    • http://profile.yahoo.com/HFDGBGI6RTVYTYN3X6OP2DVX4A droids

      TAMA KA BRO. MAS GANID ANG mga mayayaman sa mga polisiya na ipinapatupad nila sa pagpapautang. Iyan ang dapat baguhin ni cayetano, pero di niya gagawin iyan..pabango lang ginawa niya para iboto siya, eh isa siya sa mga ganid din..

    • IbigMongSabihin

      omg, i can sense that you are telling the truth. i know all you said. dapat nagtanong-tanong ka muna bago nag push thru sa ventures mo, esp na lifetime savings mo ang nakataya. ok ang requirements ng bank kasi para iyon sa bank protection. but you missed the point na pag kuwentahin mo lahat ang bank fees plus advanced yearly bank interest ang tunay na lalabas na patong sa utang mo sa bank ay around 25% a year at hindi ang official rate nila, for example their advertised 7-8% yearly. that is the same way sa credit card calculation na lalabas na around 15-20% ang patong sa utang mo pag isama ang mga extra fees nila, and not their advertised 3-4% interest… so, one venture i did for sometime was to offfer loans at 25% interest yearly but restricted to borrowers with collaterals. that way, di na nila kelangan ang mga complicated bank requirements. such loans can be processed in 1-2 weeks time compared to 3-4 months sa bank. it helped people kasi maiwasan nila ang usurers at ang bank requirements, and it also helped me. a one million pesos capital will earn a yearly P250,000 income, at sa palagay ko ay ok na iyon sa isang returning OFW. of course, it is considered as an underground business, hence no tax payment. pero kelangan mo rin ang agents na dapat bigyan mo ng 3-5% commission sa uutanging pera at ito ay kukunin mo naman sa borrowers as their processing fee… whereas compared to my other formal businesses in the country, napakaraming yearly papers and government inspection ang kelangan lampasan. kaya sa mga returning OFW, i think it is better na mag start muna sila sa underground businesses. or else magkakaproblema sila tulad ng nangyari sa iyo. sana ay makabawi ka.

      • Fear God

        Salamat bro for your concern. My another nightmare was my credit card given to me by the bank with a credit  limit of 200k. During difficult time it was great help buying grocery for the family. 

        Interest rate PER MONTH IS 3%. That is 36% per annum. My 200k credit card debt DOUBLED in a year due to charges after charges, penalty after penalty. Lastly I made agreement with the bank that I will pay the amount in 12 equal installments so my name will be removed from the black list of BAP.

        I am migrating to NZ, one of the least corrupt countries in the world. But again, I like to come back my beloved motherland if corruption is reduced (least public officials moderate their greed) and our notorious justice system is cleaned up.

      • $5699914

         don’t forget to get a certificate of full payment once you have completed paying them, otherwise, you will be in a big surprise….
        also, if you negotiate with a collection company and not with the bank on the supposed installment payments, rest assured that you problems are not yet solved, so to speak. rather, you’ve just compounded your problem…i suggest you negotiate ONLY to the bank and ignore those collection companies.

      • http://www.facebook.com/danilo.navarro.946 Danilo Navarro

        mas matinde ang leanding company kesa sa bombay…ang bombay pag di ka nabayaran di sila nag dedemanda ang leanding pag di ka naka bayad dedemanda at higit pa sa 20% ang datos nila..he he he tanong ninyo sa nakautang sa leadning co.kung mag kano natira sa kanila tapos mabawas lahat ng nautang mo sa kanila

    • $5699914

       Been there, done that….
      yes, banks i no longer use them and avoid them as much as possible because i don’t see them as there to be a partner…rather i see them the same as those loan sharks….the only thing good with loan sharks, you get the loan much faster without too much fuss….

    • http://www.facebook.com/danilo.navarro.946 Danilo Navarro

      thats rigth my friends your not alone ..then this cayetano is just know about it now election time what do you think on his younger what he do just school and home never go out thats why he dont know the 5/6 story..ahh i know he is in the mountain with his comrade..

  • JosengSisiw1

    Cayetano should should broaden his outlook beyond Taguig. He should study how Islamic banks are helping the small ones with their micro loan management. It has been a sucess in India, Banglades and Indonesia. I dont think it will be hard to implement a system similar to them. We dont have to re invent the wheel, theres alot out there that can be patterned upon so we can avoid wasting taxpayers money trying to figure out how the gov can help these poor fellows.

  • novaliches

    alam mo may kasalanan din ang mga pinoy,   meron naman rural bank, kaso maraming pinoy na balasubas din,  kaya sila diskumpiyadong magpautang. ilan na bang rural bank ang bumagsak, kahit ang taas nilang mag-patubo. 

  • novaliches

    may kakilala ako, may colateral na, at 6 months loan lang,. pero yung P 300k na utang, P255K lang ang nakuha sa daming kaltas.

  • boybakal

    Bombay lang ang nagpapautang.
    Kahit matakbuhan, okay lang.
    Yon ngang Kahoy ni Enrile, di pa mabayaran.

  • http://pulse.yahoo.com/_4R3GZTGML26TV2VGS6RVHP2THM Fred

    Yes, more cooperatives must be established.
    Is this not suppose to be the job of the Cooperative Development Authority?

  • http://profile.yahoo.com/7BM4UDSYLQ6GLO7HALKHRETAH4 ben corpuz

    Bakit ngayon mo lang naisip yan Sen. Cayetano? Ang tagal mo ng Senador ah.

    Sana hindi ka na manalo. 

  • kontra_boohaya

    Election circus nga naman o.  Bakit po ngayon nyo lang naisipan yan samantala ang dami ninyong staff at ang tagal na ninyo sa senado?  Diba sila kayo umaasa ng boto bakit di ninyo binibigyang diin ang kalagayan nila?  Sa tingin ko po malaki silang bahagi sa “public” serbis na binibida ninyo.  Kung i address po ninyo ang 5-6 na yan, buwisan at kasohan ng mga illegal na booombay na operators, sa tingin ko po you will worth your salt come 2016!

  • http://pulse.yahoo.com/_GYYFBINDMTZHM6TDHPB667452M agustin

    Nag pa epal lang itong Cayetano na miembro ng political dynasty na walang nagawa sa senado. 6.6 growth ba ay maramdaman ng mamamayan ? noong panahon ni GMA ay 7.2 growth at tinanong ni Cayetano : naramdaman ba ito ng mamayan ?

  • http://pulse.yahoo.com/_W7TPARCYJFCSA3PBQAM3MVZO3E kurakut

    SIR ALAN, THAT’S REALITY.  ang bangko ay nagpapautang sa mayaman dahil meron collateral. ang bangko ay HINDI nagpapautang sa mahihirap dahil meron collateral DAMAGE. 

    SIGURISTA ANG TAWAG DYAN, KAGAYA NG BFF MONG SI JPE -SUPER SIGURISTA, INVETERATE LIAR AT OPORTUNISTA.  

  • Taiko_Kauna

    Mga hipokrito, huwag ninyong sabihing ngayon nyo lang nalaman ito samantalang ilang dekada ng dumadaan ang mga bombay sa harapan ng bahay ninyo!

  • Fear God

    Five-six operators charge a steep 20-percent interest for loans while banks charge six to eight percent and rural banks 15 percent, according to the senator.

    The credit card companies charge 36% plus other hidden charges as they wish. Why don’t our law makers (least central bank) put restriction on banks on their GREED? 

    Interest Rates, Finance Changes, Processing fees, Penalties etc must be regulated and STRICTLY controlled.

    Do you think our law makers care about this abuses by the bankers?

  • Rovingmoron

    What is the Cooperative Development Authority doing? I think it is inutile. If I were Cayetano, I’d sponsor a bill that will create a cooperative that caters to the loan needs of small and medium entrepreneurs in Metro Manila.

  • GilArellano

    it is a nice plan sen allan,but how long you’ve been in politics,did you just start yesterday?

  • vanguard61

    Here in the country where I reside, we had this reality TV series which featured the gov’t cabinet ministers spending time doing the actual work of their constituents. Just to get the feel and experience of what it’s like being in that particular situation/ occupation.It’s good TV, for a couple hours, say the current Police Commissioner does the late night to early morning beat with a couple of cops doing the rounds in the city. She gets a first hand view of what it’s like being a cop, the crime situation, how to deal with drunks and rowdy crowds in a high risk area. The Minister of social development, worked in a soup kitchen feeding the homeless, she gets to talk to them and gets their feedback first hand. Another minister doing the rounds collecting garbage, even hitching at the back of the truck just like a typical sanitation worker. The best episode was about this well known ‘toughie’ minister who had a day working with kids with disabilities/special needs. He was teary-eyed at the end of that episode, touched by things he experienced being with those helpless beautiful children. He eventually resigned from his post, I think it was even before his term was suppose to end. It was a reality check for this ministers, though it’s good TV, people are not easily convinced that the current gov’t ministers can be up to the tasked 100%. But it instills awareness among everyone concerned that there’s a lot involved in running a particular gov’t dept. and everyone needs to be doing their part in order for the society to succeed and progress to the next level.
    Sadly, in our country (Phils.) we have politicians who are so detached from reality, most of which were born with a silver spoon in their mouths. Living pampered lives, mostly groomed by their parents to succeed them from their gov’t post once they retire, ensuring self preservation and their personal interest looked after and secured. If only this politicians have the guts for a day to leave their comfort zones and try to live amongst the slum dwellers (for a day), eat the same food, sleep on the floor to just get the feel of how it’s like to be in that particular situation. I’ve heard of sick children dying from a common treatable disease because they were denied the basic services. Their parents unable to raise enough money to pay for the treatment. What our politicians need is A BIG REALITY CHECK and hope they get the message and act on it. Otherwise, quit and give others the chance to serve the people instead.

  • Julius Cruz

    Indians doing 5-6 here in the Philippines are doing the INDIAN MAFIA STYLE. They operate a business without paying any taxes, no DTI registration and they do not issue receipts. They bribe the Catholic Church (Indian churches are all over the Philippines), the local press people, local Mayors, Immigration (PhP 500,000 per VISA) and they give political contributions to administration and opposition political parties. UNFAIR!!!! ANAK BA NG DIYOS ANG MGA DAYUHANG AMOY KAMBING NA YAN, MALAKI NA ANG TUBO, HINDI PA NAGBABAYAD NG BUWIS.

  • disqusted0fu

    It’s not just the loan sharks that are causing the problem, it is actually more of the lack of jobs and incompetent projects for poverty alleviation. No foreign direct investment is equal to unemployment and unemployment is equal to poverty. The 6.6 economic growth was mainly for recognition and bragging rights, it is not really developmental. 

  • http://www.facebook.com/danilo.navarro.946 Danilo Navarro

    hinde sa minamaliit ko ang mga trycyle driver dahil may anak din akong trycle driver.. ang driver kasi ang lumalapit sa 5/6 una bakit nakuha ng 5/6 yung kinita naubos sa tong-its walang pang boundery tapos bago umuwi jamming muna ng gin or empy sa mga kasama,,yung iba hinde lahat sa shabu napupunta..cayetano bakit ngayon mo lang naisip yan di ba sa congress kaya ninyoong gawin yan nabasa ko na nag aalala ka sa isang diaryo na balita na baka mawala ang mga mangingisda dahil napapabayaan sila ng gobierno di ba may party list ang mga iyan pamalakaya sabi mo kaya malapit ka sa mga mangingisda dahil tatay mo mahilg  kumakain ng ayungin natawa akong bigla doon..he he he.ehh karne at isda lang naman pangunahin pag kain ng mga pinoy..lakas naman ng pambobola mo..yung mga tindera sa palengke halos gaya rin ng mga trycle driver ang ginagawa..sila nalapit sa 5/6..hinde naman lahat gaya ng trycyle driver… 

  • http://www.facebook.com/danilo.navarro.946 Danilo Navarro

    kahit mismong sa city hall ng tagiug may 5/6 hinde bombay ang may puhunan mga empleyado ng city hall umuutang kasapakat ang tresurero pag kuha nila ng sweldo kuha na yung 5/6 na utang nila..cayetano di ka na kailangan makipag usap sa trycyle driver or mga taga palingke sa mga empletado lang ng cty hall malalaman mo na kaya imposible di alam ni mayora yan o ikaw mismo..he he he

  • ARIKUTIK

    Cayetano is talking nonsense. If banks gives out loan only to those who have capability to pay. The same is true in underground micro finance. No financer will lend to anyone who has no capability to pay. The very poor like the 200 peso a day tricycle driver are given friendly loan with out interest out of mercy. Micro finance provides operation funds for micro business like sidewalk vendors to optical shop owners among others who have no time to deal with turtle paced banks. Instant loan in an hour notice is the main engredient of underground micro finance. No bank can be able to do that. Now Cayetano what is the relevance of your empty talk of banks to handle micro finance. Cayetano is just blahbering words for Pa Pogi points, Empty Head !

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