DepEd: 1,000 teachers to get loan relief

MANILA, Philippines — The Department of Education yesterday entered into a partnership with the Land Bank of the Philippines to refinance the existing loans of DepEd personnel who are indebted to private lenders.

Education Secretary Sonny Angara said the loan assistance program seeks to help teachers recover a more manageable take-home pay while easing the burden caused by mounting debt obligations.

Angara said the partnership covers around 1,000 garnished salary loan accounts of educators amounting to P500 million.

Under the agreement, Angara said teachers may once again receive a minimum take-home pay of P5,000 after previously receiving “little to no salary at all due to loan deductions and garnishment.”

“Teachers who serve every day to uplift the future of our youth should not be drowning in debt. If we can help them get back on their feet and breathe again financially, it is our duty to do so,” Angara said.

The DepEd waived 0.5 percent service fee on remittances, allowing LandBank to lower the interest rate from seven to 6.5 percent per annum.