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PCG warns against transacting with ex-OFW turned loan shark

10 September 2024

 

The loan shark does not return pawned passports even after the loan has been paid in full

The Philippine Consulate has warned overseas Filipino workers not to snap up loan offers by a former migrant worker who charges interest rates of up to four times the amount of the original loan.

On top of this, the unnamed ex-OFW turned loan shark demands the surrender of the passports of the debtors. But even after the OFW-debtors had paid fully, the loan shark still refuses to give back their passports.

The Consulate said the loan shark is no longer in Hong Kong but continues to run her illicit operations from the Philippines through Alipay and other digital wallets.

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“The Consulate hereby warns the public against this modus operandi and reminds them that passports are properties of the Philippine government,” said the advisory. “These should never be used as collateral for loans as they constitute a violation of the New Passport Act which prescribes severe penalties for violators.”

Filipinos found to have pawned their passports for loans are routinely given a hard time in securing a replacement in Hong Kong. If they need to fly out on an emergency they are only given one-way travel permits to the Philippines, and should go to the Department of Foreign Affairs to secure a replacement passport.

Victims of the passport-for-loan scam are advised to report to the Consulate’s assistance to nationals section by calling 2823 8505 or 2823 8513 to 16. They may also send an email to atn.hkpcg@gmail.com for assistance.

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