Deped: 100% Of PLI Service Fee Goes To Provident Fund For Lending To Personnel

provident fund

PASIG CITY, November 25, 2017 – Contrary to claims that the Department of Education (DepEd) allowed private lending institutions (PLIs) to offer loans to its teaching and non-teaching personnel because it receives “commission,” that small fraction actually goes to the Provident Fund from which all DepEd personnel may benefit. The service fee, which amounts to a measly 0.05%, charged for every remittance of the loan payment of a personnel-borrower, through the Automatic Payroll Deduction System (APDS) comes full-circle to benefit all Department personnel. To date, DepEd’s Provident Fund amounts to P4…

Briones Answers Issues on Teachers’ Debts | DepEd Press Release

Briones noted that the issue of teachers’ debts is a decades-old drama starring the teachers as borrowers, the Government Service Insurance System (GSIS) and private lending institutions (PLIs) as lenders, and the DepEd, which deducts loan payments authorized by teachers to be paid to GSIS and PLIs. She further noted that of these four actors, the teacher/borrower who spends the borrowed money, and the GSIS and PLIs who earn interest benefit from the borrowing activity, DepEd benefits the least. It merely deducts loan payments on the basis of authorizations issued…

Public School Teachers May Lose License To Teach Over Unpaid Loans

pay your debt or lose your license to teach

 “Pay your debt or lose your license to teach.” This is the predicament that faces public school teachers, who are already suffering from big pay cuts due to loan deductions, should they fail to settle their debts from Private Lending Institutions (PLIs). Teachers from Central Luzon trooped to the Professional Regulation Commission (PRC) on Friday to appeal the agency “not to take the side” of PLIs – particularly St. Bernadette Lending, among others – when it comes to settling their loans that have accumulated due to high interest rates. Members…