MANILA, Philippines – The Department of Education (DepEd) gave a warning against teachers who pawn their ATM payroll account for loans.
DepEd Undersecretary for Finance Annalyn Sevilla reminded teachers that they cannot use their ATM payroll card as collateral for loans. She described it as a "dangerous scheme" since all the salary, benefits and bonuses of teachers are directly deposited to their ATM payrolls.
“This is a dangerous scheme kasi even bonuses wala kaming ibang paraan kung ‘di idaan sa inyong payroll account. ‘Yan pong payroll account ay ating pinagkasunduan na ang lahat ng sweldo, benepisyo ay kailangang dadaan sa payroll,” Sevilla said.
The warning came after a teacher from Gapan, Nueva Ecija admitted that she pawned her ATM payroll to a lending institution. She later on complained that despite the 60-days grace period allowed under the Bayanihan Act 2, the lending company continued to make deductions for her loan payment.
“Concern ko lang po 'yung Bayanihan Act 2. Nagtanong ako sa lending na pinagsasanlaan ko ng ATM ko kung hindi nila kami kakaltasan. Sabi po kakaltasan, wala daw po sa guidelines 'yung ATM loans, yun lang daw lang salary deduction po,” said teacher “Karen”.
Sevilla reminded teachers that DepEd Secretary Leonor Briones already issued an Office Memorandum last April against using their ATM cards as loan collateral. She urged them to think twice before engaging in those schemes and to make sure that the lending company is accredited by the Bangko Sentral ng Pilpinas or with the Securities and Exchange Commission.
“Yung reminder na inisyu ni Sec. Briones ay para magkaroon na stop to this practice at 'yung mga nahulog sa ganitong iskema ay sana magkaroon ng paraan na sana kayo ay makalagpas o makaalis dito,” said Sevilla.
“Bawal po 'yun at pwedeng isumbong sa Bangko Sentral. Ang Bangko Sentral na nagsasabi kailangang sa isang lending institution hindi kailangang i-collateral ang inyong payroll account,” she added.
Meanwhile, DepEd already coordinated with their partner government funding institutions (GFIs) and private lending institutions (PLIs) accredited under their Automatic Payroll Deduction System to further extend the deadline of payments to 2 more months. That extension is already on top of the grace period under the Bayanihan Act 2.
—Sally, The Summit Express
DepEd Undersecretary for Finance Annalyn Sevilla reminded teachers that they cannot use their ATM payroll card as collateral for loans. She described it as a "dangerous scheme" since all the salary, benefits and bonuses of teachers are directly deposited to their ATM payrolls.
“This is a dangerous scheme kasi even bonuses wala kaming ibang paraan kung ‘di idaan sa inyong payroll account. ‘Yan pong payroll account ay ating pinagkasunduan na ang lahat ng sweldo, benepisyo ay kailangang dadaan sa payroll,” Sevilla said.
The warning came after a teacher from Gapan, Nueva Ecija admitted that she pawned her ATM payroll to a lending institution. She later on complained that despite the 60-days grace period allowed under the Bayanihan Act 2, the lending company continued to make deductions for her loan payment.
“Concern ko lang po 'yung Bayanihan Act 2. Nagtanong ako sa lending na pinagsasanlaan ko ng ATM ko kung hindi nila kami kakaltasan. Sabi po kakaltasan, wala daw po sa guidelines 'yung ATM loans, yun lang daw lang salary deduction po,” said teacher “Karen”.
Sevilla reminded teachers that DepEd Secretary Leonor Briones already issued an Office Memorandum last April against using their ATM cards as loan collateral. She urged them to think twice before engaging in those schemes and to make sure that the lending company is accredited by the Bangko Sentral ng Pilpinas or with the Securities and Exchange Commission.
“Yung reminder na inisyu ni Sec. Briones ay para magkaroon na stop to this practice at 'yung mga nahulog sa ganitong iskema ay sana magkaroon ng paraan na sana kayo ay makalagpas o makaalis dito,” said Sevilla.
“Bawal po 'yun at pwedeng isumbong sa Bangko Sentral. Ang Bangko Sentral na nagsasabi kailangang sa isang lending institution hindi kailangang i-collateral ang inyong payroll account,” she added.
Meanwhile, DepEd already coordinated with their partner government funding institutions (GFIs) and private lending institutions (PLIs) accredited under their Automatic Payroll Deduction System to further extend the deadline of payments to 2 more months. That extension is already on top of the grace period under the Bayanihan Act 2.
—Sally, The Summit Express
