PH Consulate in HK issues warning vs loan shark with pawned passports

The Philippine Consulate General in Hong Kong warned Filipinos against a former overseas Filipino worker who became a loan shark now holding passports of borrowers.

The said loan shark refused to return the borrowers' Philippine passports despite full payment, the Consulate said in a post on Facebook on Wednesday.

"According to the victims, the loan shark demands the surrender of the passports of these OFW-debtors as collateral for their loans which have interest payment reaching up to three (3) or four (4) times the amount of their original loans," it said.

"On top of this unconscionable rate, the loan shark even refused to return the pawned passports despite several payments made by the victim-debtors," the Consulate added.

The transactions are now made 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 modus operandi and reminds them that passports are properties of the Philippine Government. These should never be used as collateral for loans as they constitute a violation of the New Passport Act which prescribes severe penalties for the offenders," the Consulate said.

Filipinos who were victimized by the loan shark using this modus operandi were asked to report the matter immediately to the Consulate's Assistance-to-Nationals (ATN) Section at any of the following numbers: 2823-8505, 2823-8513, 2823-8514 and 2823-8516.

They may also send an email to atn.hkpcg@gmail.com, for advice or assistance, the Consulate said. —KG, GMA Integrated News