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The Department of Education (DepEd) has signed a loan assistance agreement with Landbank on May 14 to help ease the loan burdens of public school teachers.
The agreement allows Landbank to refinance existing loans of DepEd employees currently tied to private lenders, in order to restore a more manageable take-home pay and ease the burden of mounting debt obligations.
“Hindi dapat nalulunod sa utang ang mga gurong araw-araw na nagsisilbi para maiangat ang kinabukasan ng ating mga kabataan. Kung matutulungan natin silang makabangon at makahinga muli financially, tungkulin nating gawin iyon,” Secretary Sonny Angara said.
Under the agreement, they have detailed two financial programs which are (a) salary loan take-out program, and (b) enhanced salary loan program.
Salary Loan Take-Out Program is focused on teachers having existing multiple or burdensome private loans. Landbank will consolidate these into a single loan with lower rate, longer terms, and more affordable monthly payments.
Enhanced Salary Loan Program, meanwhile, is offered to all qualified teachers at competitive rates. LBP provides added benefit potentials such as credit card pre-qualification and P100,000 accident insurance coverage for one year.
DepEd has likewise approved the waiver of the 0.5% service fee on remittances, which allows LBP to lower the interest rate from 7% to 6.5% per annum.
Around 1,000 loan accounts of teachers having salary garnishment of about half million is on plan as initial beneficiaries of the program.
With this, the educators would have at least P5,000 net take home pay as minimum while paying their debts, as compared to receiving almost nothing prior.
“Kung mas panatag ang ating mga guro, mas makakapagpokus sila sa kanilang pinakamahalagang tungkulin – ang pagtuturo at paggabay sa ating mga mag-aaral,” Angara said.
DepEd and Landbank is set to conduct orientation activities in schools in the coming months. #
