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Manila Bulletin devider Philippines devider National devider Bam Aquino wants stronger law to discourage Pinoys from dealing with '5-6' lenders

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

Published Mar 8, 2025 05:39 am

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.

Bam Aquino_Iloilo.jpegBam Aquino gives away flowers to women who attend the Women's Month celebration of the Taytay sa Kauswagan Inc. (TSKI) and CARD Inc. on Friday, March 7, 2025 in Maasin, Iloilo. (Photo from Bam Aquino Media Bureau)

Aquino, who is running for a Senate term in the coming May 2025 elections, vowed to help Filipinos have access to microfinancing programs of the government.

“Hindi sapat ang kapital lang. Kailangan ng training, kailangan ng business development, kailangan ng suporta sa pag-e-empleyo ng mga anak natin, support ng scholarship para sa mga anak natin. Iyon ang kailangan para iyong buong pamilya, kayang umangat (Capital is not enough. We need training, business development, support for our children’s employment opportunities, support of scholarship for our children),” he said.

“Kaya ang gagawin namin (What we are going to do is), we will work through our microfinance partners, through government agencies and through the LGUs para masiguro na ang serbisyo umaabot sa inyo (to make sure the services reach you),” the former senator, who co-authored and sponsored the Microfinance NGOs Act, added.

Aquino was at the Women's Month celebration of the Taytay sa Kauswagan Inc. (TSKI) and CARD Inc. in Maasin, Iloilo.

There, he spoke about the law he helped author and pass as a shield to discourage Filipinos from borrowing money from 5-6 moneylenders and loan sharks.

The law provided financing, financial literacy, livelihood, to entrepreneurship training to small business owners.

It also provided low-interest and no collateral loans to pay for housing, medical, and educational needs.

Aquino was former chairman of the Senate Committee on Trade, Commerce and Entrepreneurship in the 16th Congress.

In his one term in the Senate, he helped author and pass 35 legislations, including the Free College Law, the Go Negosyo Act, the Microfinance NGO Act, the Mental Health Act, the Anti-Hazing Law, the Expanded Benefits for PWDs and Senior Citizens, and the Free WiFi in Public Places, among others.

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