Crackdown on foreigners in “5-6” lending starts

The Bureau of Immigration is set to start the crackdown on foreigners engaged in the “5-6” lending racket and illegal retail trade/business.

BI Commissioner Marcelino Libanan said he has instructed all regional and local offices to go after foreigners who are engaged in “5-6” lending as they are taking advantage of the poverty of the Filipinos.

He said “no one should be engaged in such business if he/she hasn’t obtained legality from the Bangko Sentral ng Pilipinas.”

Also foreigners wanting to venture into retail trading should at least put up a bond of not less than $2.5 million.

“We should not allow any foreigner to take advantage of the poverty of our countrymen by forcing them to borrow money at exorbitant interest rates and buy overpriced retail items against their will,” the BI chief said.

BI-7 regional director Geronimo Rosas earlier gave a warning their agency will run after those foreigners, mostly Indian nationals, who are engaged in such business yet do not have the necessary permits.

There are over 5,000 foreign nationals living legally in Central Visayas.

Just very recently, 13 Indian nationals were rounded up in their safehouses in the town of Tanay and Antipolo City in Rizal by members of the bureau’s law enforcement division.   

This after BI received complaints alleging that the Indians have been preying on residents of the province by lending them money at high interest rates and at the same time forcing them to buy overpriced goods on installment basis.

All of them are presently detained at the Bicutan immigration jail pending verification of their immigration status and the conduct of deportation proceedings.

    Initial investigation has revealed that three of the arrested Indians submitted spurious immigration documents, thus they could immediately be deported for being illegal aliens. – Ferliza C. Contratista/MEEV