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…

DepEd Finding Ways to Help Teachers in Debt

DepEd Finding Ways to Help Teachers in Debt

MANILA, Philippines — The Department of Education (DepEd) said it is finding viable means to address the growing debt of public school teachers, which has reached a staggering P300 billion as of last year. In a statement yesterday, the agency said it is relentless in its pursuit to protect its employees and their families from financial and legal implications of non-payment of debt. It noted that around 23,000 teachers retired this year without receiving pension due to unpaid debts. Among other solutions, DepEd sees the need to curb the culture…