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Manila Bulletin devider Philippines devider National devider Provident Fund members can borrow a maximum of P300,000 --- DepEd

Provident Fund members can borrow a maximum of P300,000 --- DepEd

Published Feb 23, 2022 03:28 pm

To further assist teachers and non-teaching personnel with their financial needs, the Department of Education (DepEd) has increased the ceilings on the Provident Fund (PF) loans.

(Photo from DepEd)

“Even as we are seeing the light at the end of the tunnel of this public health situation, we are determined to implement financial policies that can help our teachers and personnel fully recover from the impact of the pandemic,” Education Secretary Leonor Magtolis Briones said in a statement issued Wednesday, Feb. 23.

Based on the amended orders that prescribe the Maximum Loanable Amount and delegates Approving Authorities under DepEd Provident Fund (PF) Program, the ceilings for a PF Multi-Purpose Type Loan is P100,000 while Additional Loan (for extreme cases) Type is now at P200,000 from the previous P100,000.

“Thus, a Provident Fund member can borrow a maximum of P300,000 from the Provident Fund,” DepEd said.

The fund's beneficiaries are teaching and non-teaching personnel from Central, regional, division, and other field offices of the department who have permanent and regular status of employment and who are subjected to official payroll deductions.

“By adjusting the ceiling of additional PF loan for extreme cases by P100,000.00, we have provided our DepEd Regional Provident Fund Chapters more flexibility to assist our field personnel on their financial needs,” said Undersecretary for Finance Annalyn Sevilla.

DepEd explained in the amended increase for both types of PF loans, the contractual interest rate is six percent per annum.

It may be paid from one to five years, depending on the capacity to pay by DepEd borrower, which is subject to the net take-home pay requirement set under the Authorized Deductions, General Provisions of the Annual General Appropriations Act. Moreover, DepEd also identified the approving authorities for the approval of said loans per PF Chapter, as an addendum to DO 37, s. 2018.

For Central Office Chapter, the Recommending Approval is from the Head, PF National Board of Trustees (NBT) Secretariat, and the approval will come from Undersecretary for Finance.

For Regional Offices, the Recommending Approval is from the Head, Regional PF Board Secretariat, and the approval will come from Regional Director. ] For Schools Division Office, for the Multi-Purpose Loan, the Recommending Approval is from the Head Schools Division PF Board Secretariat, and the approval will come from Schools Division Superintendent (SDS).

Meanwhile, for the Additional loan, the Recommending Approval will come from SDS and Head, Regional PF Board Secretariat, and the approval will come from the Regional Director.

Related Tags

annalyn sevilla deped education leonor magtolis briones covid-19 Provident Fund pandemic
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