THE Department of Migrant Workers (DMW) yesterday warned overseas Filipino workers (OFWs) in Hong Kong over the high interest rates for loans in the special administrative region of China, as well as the threat of harassment from loan sharks there.
“Many victims become trapped in debt caused by informal lenders charging legal interest rates of up to 48 percent in Hong Kong, thereby leaving low-income workers struggling to repay their loans,” said DWM Secretary Hans Cacdac in a statement.
“These loan sharks often employ agents, who harass borrowers, thereby exacerbating the psychological impact on migrant workers,” said Cacdac.
To help OFWs in Hong Kong, the DMW head said they will include the matter in the Post-Arrival Orientation Seminar (PAOS).
“We will educate them about managing debts and avoiding multiple loans,” he said.
“We are actively pursuing harassers in partnership with the Hong Kong police,” Cacdac said.
Records show there are now over 200,000 OFWs in Hong Kong.
