By Janvic Mateo (The Philippine Star), Oct 29, 2017
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 of over-borrowing by continuously conducting financial literacy seminars.
“DepEd is also exploring measures that will enable its teaching and non-teaching personnel to manage their finances today and prepare for a comfortable future. Among these are the reduction of interest rates on loans through the expansion of the Provident Fund and coordination with the Government Service Insurance System (GSIS) on a loan buyout,” the statement read.
A loan buyout, DepEd pointed out, will allow a restructuring of loans and provide teachers with lower interest rate on a longer payment term.
Earlier, data it released showed that teachers have incurred P178 billion worth of loans from private lending institutions and P123 billion worth of credits due to GSIS.
With the mounting debt, Education Secretary Leonor Briones issued a department order allowing a deduction of existing obligations despite the P4,000 net take-home-pay threshold set by the law.
Teachers protested and complained of receiving meager salaries way below the threshold, prompting the secretary to repeal the order and mandate the observance of a minimum limit.
The new order will also give first order of preference in salary deduction for the payment of employees’ contributions or obligations to the GSIS and Home Development Mutual Fund, as well as the Bureau of Internal Revenue and the Philippine Health Insurance Corp.
DepEd said it duly recognizes the intent of lawmakers representing Alliance of Concerned Teachers party-list to probe the repealed order.
“The damage of over-borrowing on the lives of teachers and their families has been going on for years and it can no longer continue. The department is steadfast in its commitment to enable its personnel to truly reap the fruits of their hard work,” DepEd said.
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
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Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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