MANILA -- The Department of Education (DepEd) continues to explore ways that would enable teachers and other personnel to manage their finances.
In a statement issued Friday, DepEd cited that these measures include "reduction of interest rates on loans through the expansion of the Provident Fund, and coordination with GSIS on a loan buyout that will restructure an employee-borrower’s PLI (private learning institutions) loans to provide lower interest rate on a longer payment term."
DepEd Secretary Leonor Briones recently signed DepEd Order (DO) 55 or the "Revised Guidelines on the Implementation of PHP4,000 Net Home Pay for DepEd Personnel".
The department explained that in line with Section 47 of the General Appropriations Act (GAA) of 2017, DO 55 protects the interest of teachers and other DepEd personnel since it would ensure the PHP4,000 net take home pay.
DO 55 prioritized salary deduction for contributions to the GSIS and Home Development Mutual Fund (HDMF), which include both premiums and loans. Furthermore, the same priority is given to payments for the Bureau of Internal Revenues (BIR) and the Philippine Health Insurance Corp. (PhilHealth).
In the statement, DepEd noted that the damage of over-borrowing money has been affecting the teachers' lives for years.
"This can no longer continue," it said, adding that it is committed to enable its personnel to reap the fruits of their hard work. (PNA)