DMW intensifies crackdown on HK loan sharks after OFW suicides

The Department of Migrant Workers (DMW) is intensifying its campaign against predatory lending in Hong Kong following suicide cases among Overseas Filipino Workers (OFWs).

The DMW has partnered with the Hong Kong Police Force to track down and crack down on loan sharks who aggressively collect debts, even though legal interest rates can reach 48 percent.

This intensified crackdown follows reports of multiple suicide cases among OFWs struggling with overwhelming debt.

Loan sharks and their agents frequently use aggressive tactics, exacerbating the emotional and mental burden on migrant workers.

The DMW Secretary also cited cases where OFWs are implicated in money laundering activities after being given loans in exchange for their bank account information.

To combat this problem, the DMW has incorporated financial literacy training into its Post-Arrival Orientation Seminar (PAOS) to help OFWs manage their finances and avoid falling into debt traps.