The Bumbay 5-6 in the Philippines?
Topic: The Bumbay 5-6 in the Philippines?
June 27, 2019 / By Aletha Question:
I would like to know how the Indian money lenders operate in the Philippines.
I understand that Indians have a hard time to get a visa to RP unless rich. Some people have told me that these money lenders get into the country in boats.
How do they manage to stay and do the lending? They seem to be operating very freely in everyone's full view. Is what they are doing legal?
Are they good or bad for the country? What is their approximate number?
Some Filipinos seem to be afraid of them and stand in awe of them. If they lend money at a high interest, what happens if the Pinoys default on the loan?
Any other info about these people would be interesting to hear.
Best Answers: The Bumbay 5-6 in the Philippines?
Tubal-Cain | 6 days ago
Not only the people from India loan money on the 5-6 plan. Many Filipinos do also. They mainly sell things to people that have a business. They are paid daily & the borrower knows exactly how much the total will cost him. They are sponsored by a company of fellow countrymen that takes care of their visa.
👍 160 | 👎 6
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Originally Answered: What jobs are needed in the Philippines?
Jobs? Well, you could start looking at it by sectors of the economy.
Agriculture, tourism, sciences and engineering and other services would be nice places to start since these sectors are needed by the country.
However, not all of it is lucrative, pays are not that rewarding or gets your fancy. Strategically, agriculture and tourism would be the most lucrative. But any degree that you take I suggest that you support it with a business knowledge since the push is to make more entrepreneurs for the country.
If you don't like the job that you land into you can go to BPOs since the take in any degrees.
To be an educator/teacher is the most rewarding but not financially in the Philippines. If you plan to teach in an international school, good news for you is that there are more international schools now set up in Manila specifically at The Fort area!reallyf you relly on connection or making it on your own I hope you like the job.
I understand that Indians have a hard time to get a visa to RP unless rich. Some people have told me that these money lenders get into the country in boats.How do they manage to stay and do the lending?
not most of them do the lending
They seem to be operating very freely in everyone's full view. Is what they are doing legal?
I'm not a law student I can't answer you that
Are they good or bad for the country?
Not at all because they are a consumer in the Philippines therefore when they buy things or services the Philippines profit
What is their approximate number?
no idea better asked the immigration
👍 60 | 👎 -1
tnaat 5-6 helps Filipinos get well off. payment of household bills are taken from it. Especially here is source of tuition fee, capital for stores and businesses. If borrower cannot pay in due time 10% is imposed. If cannot pay still borrower is stripped naked and let ran in the street. Good if such is the case but it ends in behind doors if a woman.
In addition, even maids are prone to bollow 5-6. One time a maid loan P6,000 and was not able to pay. She was charged at the court. To be able to work, the master paid that loan for her.
The proliferating network business run by glamorous promotors, coordinators, managers, dealers resort to that 5-6 if the producers of products demand the overdue payment of their quotas. Rampant here in our hometown and vicinity towns as I witness them.
👍 55 | 👎 -8
When i come to visit you in your country even i'm not invited, i make a point to everyone who knows me and my family that i don't come to lend money to no one. And when i come I always warn my relatives not to blow their horn warning their friends, that a relative of theirs is arriving.And I keep myself off sight as much as i can to those who knows me, that way i risk nothing, lending money or something. I know for certain once i lend money the whole valley will come to ask their share and i will not see the end of it once it start.
Prior to your question and the indians, I know that those indians in england has such a good reputation and sincerity in themselves and they have word of honor unlike filipinos.
Im missing quarrels on the net, is there someone who wants to quarrel with me. I know I'm sadist but not with my family of course.I just want to feel my adrenaline comes up when i'm excited
👍 50 | 👎 -15
If the PInoys can't pay, then they can't borrow again. Pinoys will find a way to pay, because they would want to borrow again.
👍 45 | 👎 -22
Originally Answered: Why is China bullying the Philippines?
well, what do you expect? Its china! A place where MOST businessmen and the government cares about nothing but profit. The current objective of china is to rise to the world's super power(replace US as the current super power). The ancient chinese were respectable people(if you studied your history, you would know why) but the "modern chinese" brought shame to their ancestors. They started eating dogs, bullying people(in this case, the pinoys) , thinking they are some big shots. Well, this is for you china _|_ . Hope someday your country will fall. Even if you become the world's super power, you will still be hated.
Singaporean here :>
EDIT: I've seen a video a few months back, a baby that wasn't even old enough to walk on her own was abandoned on the road, and many cars didn't even bother to stop, i THINK over 10 cars went over the baby, and it finally took a middle aged woman to pull the baby away. But of-cause, it's too late.