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Saturday, August 9, 2014

Livelihood loans for DepEd employees now available

Department of Education (DepEd) employees can now avail of loans through the Land Bank of the Philippines’ (LBP) Livelihood Loan Facility.

The Livelihood Loan Facility has a fixed interest rate of 10.5% per annum. Employees can borrow the equivalent of up to 8 months of their gross pay but not exceeding five hundred thousand pesos (PhP 500,000) for qualified rank- and- file employees and one million pesos (PhP 1,000,000) for qualified Department Officials.

The rate offered by LBP is much lower than the rates offered by most private lenders who are accredited under DepEd’s salary deduction program. For a starting teacher borrowing at the maximum amount, the savings in amortization is approximately one thousand pesos (PhP 1,000) per month which goes a long way in increasing the net take home pay of teachers.

Education Secretary Br. Armin A. Luistro FSC saw this as an excellent opportunity for teachers and other DepEd Employees to improve their financial welfare by availing of low interest rates offered by LBP.—DepEd

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