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De Venecia eyes elimination of ‘5-6 pautang’

Sep 8, 2017 @ 16:01

Pangasinan 4th District Representative Christopher de Venecia is pushing for the elimination of “5-6” by making it easier for farmers to take out loans.

The Pangasinan politiko met with the Landbank of the Philippines President Alex Buenaventura to discuss how credit access can be made easier for farmers.

The Landbank is mandated by law to dedicate 15% of its credit portfolio to the agriculture sector.

Many farmers turn to 5-6 schemes or quick cash loans because of minimal requirements.

“We also discussed different types of agri loans that can be accessed by our farmer stakeholders in the district, particularly the Sikat Saka program,” De Venecia said.

“We are also devising a roadshow in partnership with the Landbank to aid our constituents in accessing these credit facilities, demystifying the benefits of GFIs with low interest rates vis-a-vis other finance outfits that may seem ideal at first but is actually harmful in the long run,” he added.

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