<\/p>\n
The Department\u00a0 of Education (DepEd), in partnership with the Land Bank of the Philippines (LANDBANK), launched its loan assistance arrangement on Thursday to assist education employees battling garnished salaries.<\/p>\n
\u201c<\/span>Teachers who work on a regular basis to uplift the longer term of our youth shouldn’t be drowning in debt,\u201d Education Secretary Juan Edgardo \u201cSonny\u201d M. Angara said in Filipino in a news release.<\/p>\n \u201c<\/span>If we might help them get well and breathe financially again, it’s our duty to accomplish that,\u201d he added.<\/p>\n Under the partnership, LANDBANK offers a lower rate of interest from 7% to six.5% each year, which DepEd said is \u201csignificantly lower\u201d in comparison with the three% monthly interest in unaccredited private lending institutions\u2019 arrangements.<\/p>\n The partnership may gain advantage about 1,000 garnished salary loan accounts, amounting to an estimated P500 million.<\/p>\n \u201c<\/span>These are usually not add-ons, they\u2019re a part of constructing a more complete financial relationship with teachers who’ve been historically underserved by the formal banking system,\u201d LANDBANK President and Chief Executive Officer Ma. Lynette V. Ortiz said in a news release.<\/p>\n Affected personnel may also receive a minimum of P5,000 net take-home pay under the agreement, which DepEd said is an improvement after previously receiving little to no salary attributable to heavy deductions and garnishment.<\/p>\n \u201c<\/span>When our teachers are more relaxed, they will higher concentrate on their most significant duty \u2013 teaching and guiding our students,\u201d Mr. Angara said.<\/p>\n The Alliance of Concerned Teachers (ACT) Philippines, nevertheless, denounced the brand new partnership and reiterated its call for a P50,000 entry-level salary for teachers.<\/p>\n \u201c<\/span>The lives of teachers is not going to improve so long as salaries are usually not livable and wage increases remain meager,\u201d the group said in Filipino on a Facebook post.<\/p>\n Earlier reports from ACT and IBON Foundation showed that 75% of 900,000 public school teachers nationwide are in debt through official salary-deduction schemes, private lending institutions, government loans, and informal high-interest lenders.<\/p>\n Teachers\u2019 loans range from P5,000 to P200,000, with the bulk citing college tuition for youngsters, house acquisition and repair, hospitalization fees, and instructional materials as their primary causes. \u2014 Almira Louise S. Martinez<\/b><\/p>\n<\/p><\/div>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Education Secretary Sonny Angara and Land Bank President and CEO \u00a0 Ma. Lynette V. Ortiz lead the ceremonial signing of the loan assistance partnership between the Department of Education and Land Bank of the Philippines aimed toward helping public school teachers and non-teaching personnel facing heavy salary deductions attributable to debt obligations. \u2014 DEPED The […]<\/p>\n","protected":false},"author":1,"featured_media":334646,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[10683,31008,29963,5069,3904,4088,5867],"class_list":["post-334645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-assistance","tag-deped","tag-landbank","tag-loan","tag-offer","tag-program","tag-teachers"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/334645","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/comments?post=334645"}],"version-history":[{"count":2,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/334645\/revisions"}],"predecessor-version":[{"id":334648,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/334645\/revisions\/334648"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/media\/334646"}],"wp:attachment":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/media?parent=334645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/categories?post=334645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/tags?post=334645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}