MANILA - Agrarian Reform Secretary Conrado Estrella III and City Savings Bank, Inc. (CitiSavings) President and Chief Executive Officer (CEO) Lorenzo T. Ocampo have signed a memorandum of agreement (MOA) that will provide a loan program to employees of the Department of Agrarian Reform (DAR) nationwide.
Estrella said the signing of the MOA marked a very significant event for DAR employees and expressed his gratitude to the CitySavings for understanding and exerting all efforts to partner with the agency in addressing their (employees) financial concerns.
“On behalf of the DAR, I would like to thank all of you for your kindness and generosity. This is one big favor you have extended to the employees of the DAR,” he said.
For his part, Ocampo said CitySavings -- a thrift bank subsidiary of Union Bank of the Philippines and a member of the Aboitiz Group -- has always been known for its warm and helpful service to its customers.
“The culture of concern is deeply rooted in our company as evidenced by stories on how we elevate people's lives and fulfill financial inclusion through the products and services we offer. With the agreement, CitySavings would now be able to extend easily accessible, value-adding loan services to all the DAR employees across the country,” Ocampo said.
Under the MOA, CitySavings will extend a multi-purpose loan facility to qualified DAR employees, which provides for salary deduction, collection, and remittance arrangements to be processed by the Department’s human resource division.
The loanable amount ranges from PHP25,000 to PHP1 million with a 12-percent annual diminishing interest through salary deduction.
To avail of the loan facility, DAR personnel should have at least one year of service supported by a Certificate of Employment; must be of good moral character and without any derogatory record with the DAR; should at least be 65 years upon loan maturity; and should have one referrer on availing for the first loan. (PNA)