The Filipino community in Hong Kong is invited to attend a briefing tomorrow, April 16, 2pm to 5pm, on the new regulations on money lending that are due to take effect on Aug 1 this year.
The orientation to be conducted by the Hong Kong Financial Services and Treasury Bureau (FSTB) will be held at the Narra Hall of the OFW Global Center on the 18th floor of United Centre Building in Admiralty.
The Philippine Consulate General which is hosting the briefing, said the FSTB speakers will discuss specifics of the new measures meant to enhance regulation of money lenders.
“Said information is intended to help safeguard vulnerable borrowers, including members of the Filipino community, from excessive borrowing and its attendant risks,” said the PCG.
A key amendment to the Money Lenders Ordinance restricts the monthly loan repayment of low-income earners, particularly foreign domestic workers, to between 35% and 40% of their monthly salary.
In addition, there will be a complete ban on using loan
referees, which lawmakers say should reduce harassment by debt collectors,
particularly of employers of absconding FDHs.
The amendments were passed following public consultations held from
June to August last year.
To register participation in the briefing, please click on this link: https://forms.gle/5apYVLBgnzcC1LKh8.
For inquiries or further assistance, you may email the Consulate’s Economic Diplomacy Section at this address: hongkongpcg.economic@dfa.gov.ph.
