BACOLOD CITY, (PNA) — The contribution of the Filipino-Indian community here to the local economy has been recognized by Mayor Monico Puentevella as the city celebrates the three-day 1st Diwali Festival, or India’s “Festival of Lights” until November 5.
Puentevella said the festival gives honor to Filipino-Indian nationals who were born in Bacolod and have lived and done business in the city.
They are contributing to the pump priming of the local economy, he said.
Puentevella said Filipino-Indians have helped a lot of Filipinos, including Bacolodnons, through their money-lending business.
“They are all over the city and province. They are an alternative to formal banking. They help people start their business with no collateral except trust,” he added.
Festival chairman Haresh Chugani acknowledged that Filipino-Indians have certainly helped many people in Bacolod especially sari-sari store owners and fish vendors by lending money to them.
“No Filipino will lend anyone money without a collateral. They also sell goods on installment. That is how Filipino-Indians help the economy,” he said.