Money is a very expensive commodity here because of the risk factor..Even secured loans suffer high interest rates because its so easy for banks and pawn shops to get away with it..
totally agreeing with you Fred

In pinas, you can't blame money lenders to put high interest rates coz there are even greater number of people getting loans from them, Look at the small sari sari stores, money lenders riding in motorbikes comes around between 5pm-7pm and collecting daily monies. 5/6 is prohibited under the Central bank Lending laws, But who will apprehend these 5/6 people