Free Ordinary People From Debt Trap

Duterte-Cayetano to free ordinary people from debt trap, vows to provide capital to small cooperatives

“Maraming oportunidad ang bibigyang-daan namin ni Mayor Duterte. Sisiguraduhin naming walang korapsyon na hahadlang sa maginhawang buhay para sa bawat Pilipino.”

This is what vice presidential candidate and Senate Majority Leader Alan Peter Cayetano said to tricycle operators and drivers of the WALI TODA in Brgy. Wawa, Batangas City on March 18 (Friday).

“Debt trap”

During the Duterte-Cayetano tandem’s “Ronda-Serye” listening tour, among the issues raised was the lack of loan assistance from the government, leading tricycle drivers to resort to 5-6 loan sharks. As a result, they fall into a vicious debt trap, which deprives them of opportunities to sustain their families.

As a response, Cayetano vowed to mobilize the national government budget to provide easier access to capital to transport workers and their cooperatives. He cited his successful Presyo, Trabaho, Kita (PTK) program as a blueprint which can be replicated in the national level.

To ensure this, Cayetano said that he and Duterte will create a “bank of the poor” that will give loans to ordinary people at the lowest interest possible.

“The $ 81 million money-laundering scheme has demonstrated to us the abuse and corruption of our banks and the overall financial system. If elected, under our term, this disorder will end. Mayor Duterte and I will see to it that our financial institutions will serve the interest of the marginalized and poor,” Cayetano said.

Recently, Duterte and Cayetano signed a manifesto commiting to open their bank accounts and challenged all candidates to do the same. To date, only the duo has actually signed the document.

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