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By Prince Golez, Manila Reporter
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MANILA – Sen. Paolo Benigno “Bam” Aquino IV believes the implementation of Republic Act 10693, or the Microfinance Non-Government Organizations (NGO) Act will eliminate predatory loan sharking.
Aquino said the law will provide poor Filipinos loans with low interest rates and without collateral.
“Sa Microfinance NGOs Act, may alternatibong malalapitan ang mahihirap at maliliit na negosyante para makakuha ng pautang sa mababang interes,” the senator said.
“Sa batas na ito, mailalayo ang mahihirap sa malaking interes na sinisingil ng loan sharks at masusuportahan ang pagnanais ng gobyerno na mabura ang 5-6.”
The Act offers incentives to microfinance institutions (MFIs) so they can continue helping Filipinos through financing, entrepreneurship training, and livelihood opportunities.
Under the law, MFIs shall be provided with needed support and incentives like access to government programs and projects, technical assistance and exemption from taxes.
“MFI NGOs aid our poor countrymen in times of inflation and price increases,” Aquino said. “They also provided financing and training for livelihood and small businesses so families can overcome poverty.”
Then chief of the Committee on Trade, Commerce and Entrepreneurship, Aquino co-authored and sponsored of the bill in the 16th Congress.
The Implementing Rules and Regulations of RA 10693 was signed in August this year./PN
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