Implementation of moratorium on all loan payments under PLIs
Implementation of moratorium on all loan payments under PLIs
The Department of Education (DepEd) in a statement said it has coordinated a better arrangement with private lending institutions (PLIs) to its Automatic Payroll Deduction System (APDS) program, which is aimed to be more responsive and beneficial to all concerned employees.
DepEd said also that it will not remit loan deductions for the payroll month of April 2020 to the PLIs but instead the said amount will be refunded to the concerned DepEd employees.
“No deductions will be effected during the ECQ period and the termination of the loan amortizations, in effect, will be automatically extended in DepEd’s payroll program for one month or based on the duration of the ECQ period,” the DepEd said in a statement.
The department also said that loan amortizations automatically deducted under the DepEd’s payroll system for April 2020 on behalf of GSIS and DepEd PF will also be returned eventually to concerned DepEd borrowers through special payroll and will be credited to their respective payroll accounts.
Recently, Department of Finance Assistant Secretary Tony Lambino in an interview on CNN Philippines said that all BSP-regulated lending groups should follow the grace period and cannot apply interest, penalties and additional fees.
Lambino also said that all BSP-regulated lending institutions, the last payment will be adjusted by one month. For example, if the loan is due in April 2024, the last payment will be made in May 2024.
"For lenders na sakop ng BSP, pati po yung last payment natin ay uurong ng one month. So kunwari, yung loan ay hanggang April 2024, yung last payment magiging May 2024," said Lambino.
"There are severe penalties for financial institutions who do not comply with the 30-day grace period," Lambino said.
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