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Joe Kano

5-6 Business to take a hit?

By Joe Kano in Philippines

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Dan&Loren Rookie

Dan&Loren   22

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The Philippines has been banning almost every country, right and left for the past year. Probably won't allow foreign tourists until September,   Cebu will likely be the first to open up though.

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Joe Kano Proficient

Joe Kano   327

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3 hours ago, Dan&Loren said:

The Philippines has been banning almost every country, right and left for the past year. Probably won't allow foreign tourists until September,   Cebu will likely be the first to open up though.

Why do you think Cebu will be first?  The mayor?

 

I have given up hope of Philippines opening up this year.  

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flicks1998 Proficient

flicks1998   1,044

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6 hours ago, Joe Kano said:

Philippines will ban the entry of travelers from India as well as those with recent travel history to the South Asian country from April 29 to May 14.

 

 

PH temporarily bans travelers from India amid COVID-19 threat (cnnphilippines.com)

 

Most of the 5-6'ers are long time residents who are married to locals.  Given the poor economy, Im sure the 5-6 business is booming. 

The United States is now a country obsessed with the worship of its own ignorance.  Americans are proud of not knowing things.  They have reached a point where ignorance, is an actual virtue.  To reject the advice of experts is to assert autonomy, a way for Americans to insulate their increasingly fragile egos from ever being told they're wrong about anything.  It is a new Declaration of Independence: no longer do we hold these truths to be self-evident, we hold all truths to be self-evident, even the ones that arent true.  All things are knowable and every opinion on any subject is as good as any other.  The fundamental knowledge of the average American is now so low that it has crashed through the floor of "uninformed", passed "misinformed", on the way down, and now plummeting to "aggressively wrong."

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Cyberfx1024 Grand Master

Cyberfx1024   7,980

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I had to explain to a Kano husband what 5-6ers were and he asked his wife if that is what her family is doing..... She just gave a smile and laughed akwarderly at us. 

 

It surprised me that he didn't know that term since this is his 3rd pinay wife in over 30 years.

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RUJEN Explorer

RUJEN   140

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28 minutes ago, Cyberfx1024 said:

I had to explain to a Kano husband what 5-6ers were and he asked his wife if that is what her family is doing..... She just gave a smile and laughed akwarderly at us. 

 

It surprised me that he didn't know that term since this is his 3rd pinay wife in over 30 years.

ok, I'll bite.... I have been going to the Philippines every year for over 10 years now and never heard the phrase 5-6ers.......

 

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Cyberfx1024 Grand Master

Cyberfx1024   7,980

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36 minutes ago, RUJEN said:

ok, I'll bite.... I have been going to the Philippines every year for over 10 years now and never heard the phrase 5-6ers.......

 

I only heard the term when I was in my wife's town and she was talking about a Indian guy in town who lends people money and is a 5-6er. So I then asked her what that meant and she told me exactly what it meant. I also ended up talking with the guy and surprising him by speaking some Hindi to him even though he is Punjabi

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flicks1998 Proficient

flicks1998   1,044

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1 hour ago, RUJEN said:

ok, I'll bite.... I have been going to the Philippines every year for over 10 years now and never heard the phrase 5-6ers.......

 

This is one of the better articles that explains who they are and what they do.

https://kyotoreview.org/issue-4/the-bombay-5-6-last-resource-informal-financiers-for-philippine-micro-enterprises/#:~:text=So-called because of the,pesos%2C including 1 peso interest.

 

The next time you go back, just look for the Indian guys going from market stall to market stall, or house to house or business to business and there is a high chance they are a 5-6er.  

Edited by flicks1998

The United States is now a country obsessed with the worship of its own ignorance.  Americans are proud of not knowing things.  They have reached a point where ignorance, is an actual virtue.  To reject the advice of experts is to assert autonomy, a way for Americans to insulate their increasingly fragile egos from ever being told they're wrong about anything.  It is a new Declaration of Independence: no longer do we hold these truths to be self-evident, we hold all truths to be self-evident, even the ones that arent true.  All things are knowable and every opinion on any subject is as good as any other.  The fundamental knowledge of the average American is now so low that it has crashed through the floor of "uninformed", passed "misinformed", on the way down, and now plummeting to "aggressively wrong."

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Talako Rising Star

Talako   778

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2 hours ago, Joe Kano said:

Me neither, I have asked a few people what happens if you don't pay, and what happens if you get a hit man to go after the 5-6ers. Never got an answer that was consistent. 

Probably not worth it given the amounts involved.

 

However, bigger sharks and bigger amounts changes the playing field.  I've seen it go the other way with a debtor sending two dudes on a motorcycle after the owner of a finance company.  Thirteen .45 slugs terminated the loan. 

Finally done.

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Joe Kano Proficient

Joe Kano   327

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1 hour ago, Talako said:

Probably not worth it given the amounts involved.

 

However, bigger sharks and bigger amounts changes the playing field.  I've seen it go the other way with a debtor sending two dudes on a motorcycle after the owner of a finance company.  Thirteen .45 slugs terminated the loan. 

Yep, Make sense........

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RO_AH Proficient

RO_AH   1,656

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Filed: IR-1/CR-1 Visa Country: Philippines
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On 4/30/2021 at 1:36 AM, Joe Kano said:

Me neither, I have asked a few people what happens if you don't pay, and what happens if you get a hit man to go after the 5-6ers. Never got an answer that was consistent. 

So I would equate them more to PayDay Loan companies than loan sharks.

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