December 15, 2024 | 12:00am
MANILA, Philippines — A new loan program of the Land Bank of the Philippines will dissuade needy Filipino pensioners and government workers from turning to loan sharks in times of emergency, Rep. Fidel Nograles said yesterday.
The Pension and Emergency Relief loan facility, which extends loans between P20,000 to P100,000 at an interest rate of 10 percent annually, has been lauded by Nograles, chair of the House labor and employment committee.
The facility aims to offer accessible financial aid to pensioners and government employees.
Emergency expenses, medical needs and other urgent financial requirements are covered by the loan.
Two loan options will be offered: the pension loan for qualified clients with LandBank pension accounts and an emergency relief loan for regular government workers with LandBank payroll accounts, who have rendered at least one year of service.
Nograles lamented that many government workers, including teachers, are in debt as they resort to loan sharks.
“Apart from high interest rates, leaders of loan sharks are embarrassing its debtors through text messages sent to their friends or relatives, in an effort to ensure collection of payment,” he said.
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