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Manila Bulletin devider devider PNP pushes for cops' financial literacy

PNP pushes for cops' financial literacy

Published Oct 1, 2019 10:31 am
By Marie Tonette Marticio TACLOBAN City - In order to avoid incurring excessive debts and be victimized by financial fraud schemes, the Philippine National Police (PNP) aims to empower their personnel by pushing for financial literacy. Photo by Marie Tonette Marticio/ MANILA BULLETIN Photo by Marie Tonette Marticio/ MANILA BULLETIN Brig. Gen. Joselito Vera Cruz, Director, Finance Service emphasized the need to educate uniformed personnel on how to properly handle their finances and attain financial freedom in the Financial Resiliency Empowerment Education (FREE) Seminar held in Police Regional Office 8, Palo Leyte on Monday, Sept. 30. "Despite our salary increase and directives, some continue to live in debts, because some do not know how to handle or manage their finances. We are supposed to deliver public service pero kung problematic ang ating personnel, siyempre it will jeopardize our accomplishment of our mission," he said. He said that mismanaged finances results in more problems when not addressed properly. It sometimes causes conflict among spouses, corruption and malversation in the workplace, with some even resorting to illegal activities. "This will have a domino effect on the PNP. It will drag all of the PNP, putting all its effort to cleanse and portray a positive image down and in vain,” he added. He cited that some cops have been victimized by financial schemes in Regions 10, 11, and 12. "Some become willing victims with the hope of bouncing back from debts because the investment groups promise 100 up to 400 percent interest after a month or two. Some also invest their salaries in these bogus financial institutions only to find their hard earned money disappear," he lamented. The official noted that it is high time to educate their personnel because the PNP received the 4th tranche of its personnel’s salary increase this year. Vera Cruz said they have inked memoranda of agreement with other savings and loan associations, and created a new salary loan deduction information system in the Finance Service to monitor the finances of their personnel. "Dito iniiwasan natin na nag-iincur ng multiple loans. Real time, kapag nangutang sila sa isang financial institution, hindi na sila pwedeng mangutang sa iba unless kaya pa ng kanilang net take home pay," he explained.
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