Hongkong – The Philippine Consulate General in Hong Kong warned Filipinos about a former Overseas Filipino Worker (OFW) turned loan shark who is now holding onto borrowers’ seized passports. – klajoo.com – The loan shark in question is refusing to return borrowers’ Philippine passports despite full payment, the Consulate General said in a Facebook post on Wednesday.
“According to the victims, the loan shark demands the passports of these OFW debtors as collateral for their loans, the interest of which can be up to three or four times the original loan amount,” it said.
“In addition to this outrageous interest rate, the loan sharks even refused to return the pledged passports despite the debtors having paid several times,” the Consulate General added.
The transactions are now being processed from the Philippines through digital wallets as the loan shark is no longer based in Hong Kong, it said.
“The Consulate hereby warns the public against this practice and reminds them that passports are the property of the Philippine government. They should never be used as collateral for loans as this is a violation of the new passport law which provides for severe penalties for violations,” the Consulate General said.
Filipinos who have fallen victim to a loan shark using this modus operandi are requested to immediately report the incident to the Assistance-to-Nationals (ATN) Department at any of the following numbers: 2823-8505, 2823-8513, 2823-8514 and 2823-8516.
They can also email [email protected] for advice and assistance, the consulate general said. – KFR
