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Gov’t may arrest Indian nationals engaged in ‘5-6’

'They can be arrested for operating without permit'
/ 03:37 PM January 10, 2017

Indian nationals engaged in “5-6,” a usurious lending activity, can be arrested without warrant, Justice Secretary Vitaliano Aguirre II said Tuesday.

Legally speaking, Aguirre said the interest rates in the 5-6 lending activity is legal after the repeal of the Usury Law and the removal of interest ceilings.

However, Aguirre said operating a lending business requires permit and other requirements.

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“They can be arrested for operating without any permit,” Aguirre said pointing out that there are stringent requirements that must be complied with before starting a lending business.

“They could be arrested without any warrant because when they are doing that (5-6), they are committing a crime,” the justice chief said.

The government will push for the implementation of the nationwide micro lending program to address the 5-6 lending business. CDG/rga

READ: Alternative to ‘5-6’ lending

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TAGS: 5-6, business permit, Department of Justice, DoJ, Indian, interest rate, Usury Law, Vitaliano Aguirre II, warrantless arrest
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