Cops get reprieve on loan payments
MANILA, Philippines — The Philippine National Police has implemented a 30-day moratorium on loan payments for PNP personnel.
PNP chief Gen. Archie Francisco Gamboa issued the directive to augment the financial needs of police officers.
Gamboa asked the Armed Forces and Police Savings and Loan Association Inc., Public Safety Savings and Loan Association Inc., Air Materiel Wing Savings and Loan Association Inc., PNP Provident Fund, Public Safety Mutual Benefit Fund Inc. and Armed Forces and Police Mutual Benefit Fund Inc. to implement the moratorium.
He said the reprieve would increase the take-home pay of police officers with outstanding loans from the financial institutions.
The move is expected to benefit 205,000 PNP personnel and their families who are also affected by the enhanced community quarantine, according to Gamboa.
Loan payments will be extended for one month and monthly amortization will resume next month, the PNP said.
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