Why did the MOM decide to change the money lending laws for foreigners?
I understand that there are changes in moneylending laws for foreigners that was implemented. Foreigners has been borrowing from licensed money lenders for years and changes were not implemented then. Why did the Ministry of Manpower decide to change the moneylending laws for foreigners aside from protecting them and their employers from overborrowing?
The number of foreigners borrowing from lic.ensed moneylenders increased from 7,500 in 2016, the number rose to 35,000 in the first half of 2018 alone. This is one of the reasons why they changed the law. The police have also observed more foreigners here borrowing from unlicensed moneylenders