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Bravo: Run to cooperatives, not 5-6, if you need money

Jan 12, 2017 @ 14:39

Who needs 5-6 moneylenders when you can loan money from cooperatives?

House Deputy Minority Leader Anthony Bravo of Coop-Natcco party-list has backed the Duterte administration’s call to end the high-interest loan scheme, saying cooperatives offer a better alternative for those who need a quick infusion of cash.

“I encourage our micro and small entrepreneurs to borrow from cooperatives. Not only the interest rate is very low, they will also become co-owners of cooperatives,” Bravo said.

The politiko noted that cooperatives charge only 1 to 2 percent interest rate per month compared to 20 percent charged by 5-6 lenders.

Bravo said cooperatives are the best option for micro and small entrepreneurs who are burdened by so many requirements asked by commercial banks in loan applications.

“We welcome the move of President Duterte to allocate P1-B for micro-lending program and to arrest Indians engaged in 5-6 business. This 5-6 scheme is counter-productive and drives poor Filipinos into deep poverty,” the Bicolano lawmaker said.

Bravo said the cooperative sector is ready and willing to partner with the government in providing the best micro-lending services to Filipinos.

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