DMW, HK authorities aid debt-saddled OFWs
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The Department of Migrant Workers (DMW) has partnered with Hong Kong authorities following a string of suicides involving overseas Filipino workers (OFWs) in financial distress.
During a Senate hearing of the Committee on Migrant Workers on Wednesday, DMW Secretary Hans Cacdac said the agency is working with the Hong Kong police to identify and take action against loan sharks aggressively collecting debts from OFWs.
He noted that some workers are saddled with interest rates reaching as high as 48 percent per annum.
“Unfortunately, in Hong Kong, the 48 percent interest rate is legal, so loan sharks cannot be arrested on that basis. But for those who harass borrowers, we’ve partnered with the Hong Kong Police Force to crack down on aggressive debt collection practices,” Cacdac said.
