Bam Aquino wants stronger law to discourage Pinoys from dealing with ‘5-6’ lenders

Manila Bulletin

Aside from strengthening his Free College Law and ensure the availability of jobs, former senator Bam Aquino also wants to expand the Microfinance NGOs Act to protect Filipinos from falling victims to loan sharks or the “5-6” moneylenders. (MB video by Raymund Antonio)  READ: https://mb.com.ph/2025/3/8/bam-aquino-wants-stronger-law-to-discourage-pinoys-from-dealing-with-5-6  Subscribe to the Manila Bulletin Online channel! - https://www.youtube.com/TheManilaBulletin  Visit our website at http://mb.com.ph Facebook: https://www.facebook.com/manilabulletin Twitter: https://www.twitter.com/manila_bulletin Instagram: https://instagram.com/manilabulletin Tiktok: https://www.tiktok.com/@manilabulletin  #ManilaBulletinOnline #ManilaBulletin #LatestNews

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00:00And I know how important microfinance is in our lives.

00:08Where do we get our capital from?

00:10Isn't it from TSKI?

00:12Yes.

00:13Correct.

00:14And if that's not there, where do we get our capital from?

00:17From 5-6.

00:19How about that, right?

00:21We know how important microfinance is.

00:25But at that time, I wanted to increase the level of microfinance.

00:31And I had a colleague who advocated for our institution.

00:36He became firm and said that microfinance should not be increased to that level.

00:43We should be an NGO, not a bank.

00:48At that time, Congressman Nava and I fought for you all.

00:54We fought for your ability to have capital.

00:57And we made sure that microfinance in our country is alive and well.

01:05Microfinance in the Philippines is one of the best in the world.

01:10TSKI, CARD, ASA, NWTF, there are so many institutions that are doing microfinance.

01:18What we will do is to help through the current microfinance institutions

01:24so that they can help you more.

01:28Because what we saw is that we don't have enough capital.

01:31We need training.

01:33We need business development.

01:35We need support for our children's employment.

01:39We need scholarship support for our children.

01:42That is what the whole family needs to be able to rise.

01:46So what we will do is we will work through our microfinance partners,

01:50through government agencies, and through the LGU

01:54to make sure that the services reach you.

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