Friday, November 21, 2014

Livelihood Loan - 'Excellent Opportunity' for Teachers

DepEd-Land Bank MOA
DepEd-Land Bank MOA
More than 60,000 Public school teachers, both in elementary and secondary of the Department of Education may have now the opportunity to avail the Livelihood Loan Facility (LLF) of the Land of the Philippines in a recent agreement signed by the Education Secretary and Land Bank President.

Education Secretary Br. Armin Luistro of Department of Education (DepEd) and Land Bank President Gilda E. Pico of the Land Bank of the Philippines (LBP) signed the Memorandum of Agreement (MOA) providing the DepEd employees to avail of loans in the Land Bank with a lower interest rate than that of the private banks and other lending institutions.

Loan Requirements

The teacher may vail of LLF after meeting the following requirements:

1. He must be regular/permanent employees of DepEd.
2. He must be between 18 and 62 years of age.
3. He must have been in service for at least one year.
4. He must have LBP ATM card and maintain an LBP ATM Payroll account.
5. He must not have any pending criminal or administrative cases against him.
6. He must not have pending applications for retirement or retiring within the term of the loan.
7. He must have a monthly take home pay of at leas three thousand pesos (Php 3,000).

Collaterals

The Land Bank has agreed that the loans of the teachers could be secured by assigning their salaries, allowances, leave credits and other monetary deliverables to their bank account.

Interest Rate

The Land Bank will charge the teachers a fixed interest rate of 10.5% per annum. This rate is much lower than that of accredited DepEd's salary deduction program.

Philippine Money in various denominations
Philippine Money in various denominations
Release of Loans

After satisfying all those requirements for loan application, the loan applied by the teacher will be released through his Automated Teller Machine (ATM) card. Repayment for the said loan or his monthly amortization could be made over-the-counter through salary deductions.

A qualified teacher-borrower may avail of 8 months of his gross pay but not exceeding five hundred thousand pesos (Php 500,000). While a qualified Department officials may avail of one-million pesos (Php 1,000,000).

Persons in Attendance

The signing of MOA between Education Secretary Luistro and LBP President Pico was witnessed by LBP Senior Vice President OIC Branch Banking Sector Marilyn M. Tiongson, Department of Finance Secretary Cesar V. Purisima, DOF Undersecretary Jeremias N. Paul, Jr., DepEd Undersecretary for Finance and Administration Francisco M. Varela, and DepEd Regional Directors and Finance Officers from Regions IV-A, IV-B, and NCR.(DepEd).

DepEd Secretary Luistro sensed that this momentous event is an "excellent opportunity" for the teachers and other DepEd employees in ameliorating their financial status because of the low interest rates charged by LBP.

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...
IS THIS WHAT YOU NEED?  CHECK THIS OUT.
If you want to prepare for IELTS, you should visit this resource . It will help you secceed in IELTS.
garnering three prizes in different categories in rites held at the Manila Peninsula Hotel in Makati City (Metro Manila) on Thursday night.
CT Airlink offers CT Limo Service to LaGuardia and CT Limo Service to Bradley Airport, JFK, LGA, Newark Liberty Airport (EWR), Manhattan, Boston Logan Airport and New York City. CT Airlink arrange Limousines for Limo Service in CT to JFK and CT Limo Service to and from Phelps Gate Yale University New Haven, Uconn, Storrs, Hartford, Greenwich, Danbury, Bethel, Southbury, Brookfield, New Milford, New Fairfield, Kent, Roxbury, Litchfield, Southbury, Middlebury, Woodbury, Waterbury, Watertown, Waterford.
satta matka
healthsciencesinstituteconsumerreview
Matka
IMS memerikan pelayanan jasa sewa scaffolding yang berkualitas baik
online vendita di giocattoli in legno e tanti giochi creativi e didattici per i vostri bambini. CooCooLooo.com
tanti nuovi prodotti per i vostri bambini giocattoli in legno piscinegonfiabili, bambole di stoffa e molto altro. Spedizione veloce
Uttar Pradesh Rajya Vidhut Utapadan Nigam Limited UPRVUNL Are Recently Uploaded Answer Key for the Recruitment 2015 Assistant Engineer and Junior Engineer Various Branch Those Candidates Are Enrolled with Recruitment Process and Appeared in the Writt sarkari results India Some Useful Important Links For Online Objection Click Here Download AE (T) Civil Answer Key Click Here Download JE (T) C & I Answer Key Click Here Download JE (T) Mechanical Click Here Download JE (T) (Electrical) Click Here Download JE (
Rhode Island Best Place to get your Drain Cleaning
It's quite fascinating to have Matryoshka Dolls (also called nesting dolls, stacking dolls, and babushka dolls) as part of your Folk Art collection. You can order a beautiful Matryoshka from our online store: FromRussia.com
locksmith chesapeake va
Here You can Listen Radio Online Streaming Live
Read More About News, Trends and Ideas that matter most to Entrepreneurs Visit SnapMunk
Brazilian new start-up launches a new service to help students and schools to meet the Internet free of charge. Its founder believes it is possible to create an educational marketplace system with a Business freemium model . Veja aqui: escola educação infantil --The staging system is quite simple , the student fills out a short form , and starts receiving proposals from interested schools have him as a student . And for schools the process is the same , just fill out a registration.
satta matka tips
agen sbobet asia indonesia
agen Prediksi Bola online
For info on the best skin lightening cream on the market, visit http://www.meladermcreamreview.com
Multi Rip Saw Machine Wood Saw Machine Automatic Woodworking Machine
legale-mischung.com
For yesil kahve çekirdegi check www.yesilkahvecekirdegi.tv website to order best yesil kahve resmi satis sitesi.
PowerPoint presentations for K-12 Teachers and Students
Agen Sbobet Terpercaya