The loaning culture has become diversified with the emergence of various platforms, ever-changing and increasing inflation rates, and immobility of households, among other factors. Loan sharks increase their visibility and accessibility by utilizing loan applications and guarantors, which are now institutionalized through registration with the Securities and Exchange Commission. It’s telling that according to the...
Tag: debt burden
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In Hong Kong, gov’t falls short of protecting Filipino workers from debt burden
This report on OFWs debt burden is being republished with PCIJ’s permission. —Ed. (Last of two parts) Many Overseas Filipino workers (OFWs) in Hong Kong are hounded by their lenders from the Philippines, who even hire debt collectors to threaten and harass their employers. The Philippine Center for Investigative Journalism (PCIJ) found that Hong Kong...