A news item in the local daily reads: “Cayetano leads drive against loan sharks".
This is a very interesting news item, but first and foremost, I would like to appreciate the sentiment of the good Senator in his advocacy in curbing loan sharks. But first, who are to be considered within the ambit of loan sharks? Is a legitimate lending institution who has an exorbitant interest rate considered one? Are the Indian nationals roaming around the country lending money with 20 percent interest rate every month considered loan sharks? These are the issues that need to be clarified and given attention by legislators in this country. There are legitimate lending institutions that are law abiding and within the strict scrutiny of our existing regulating body like the Central Bank of the Philippines. Be that as it may, it is good that Senator Peter Cayetano has extended loan grants to tricycle drivers in Silay City as he embarks in his campaign against loan sharks locally known as “five six,” particularly in Negros Occidental.