The Department of Finance (DoF) on Tuesday said more than 200 informal lenders have applied for registration with the Securities and Exchange Commission (SEC) after the government initiated a crackdown against loan sharks engaged in “five-six” and other usurious lending practices.
The rush to legitimize lending operations was among the initial results of a tough stance against loan sharks since Malacañang told the SEC to get though on “five-six” lenders.
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