The chairperson of the House Committee on Labor and Employment hailed a new loan program of the Land Bank of the Philippines for pensioners and government workers, saying this would dissuade them from turning to loan sharks in times of emergency.
“Maganda po ang bagong loan program na ito upang may legal na malalapitan ang ating mga kawani ng pamahalaan at pensyonado sa halip na lumapit sa mga nagpapa-5-6,” said Rizal 4th District Rep. Fidel Nograles.
LANDBANK recently launched the PeER (Pension and Emergency Relief) Loan Facility, which extends loans between P20,000 to P100,000 at an interest rate of 10 percent per annum.
Nograles lamented that many government workers, including teachers, are sunk deeper into debt because they resort to loan sharks.
According to LANDBANK, the PeER Loan Facility aims to offer accessible financial assistance to pensioners and government employees.
Funds from the loan can be used for emergency expenses, medical needs, and other urgent financial requirements, the government bank added.
The facility offers two loan options: the Pension Loan, offered to qualified clients with LANDBANK pension accounts, and the Emergency Relief Loan, for regular government employees with LANDBANK payroll accounts and have rendered at least one year of service.
Nograles lamented that many government workers, including teachers, are sunk deeper into debt because they resort to loan sharks.
“Bukod sa napakataas na interes, may panghihiya pa’ng ginagawa ang mga lender na ito dahil nagpapadala sila ng text sa mga kakilala ng napautangan nila para maningil,” the lawmaker said.
He expressed hope that with the loan facility, fewer government workers and pensioners would fall prey to such abusive lenders.
