Special loan window for teachers sought
Home Updated November 08, 2012 12:12 PM
Public and private school teachers may soon be granted a special loan
window in the Government Service Insurance System (GSIS) and Social
Security System (SSS) that would cater to their loan applications once a
bill filed in the House of Representatives is enacted into law.
Rep. Winston Castelo (2nd District, Quezon City) filed House Bills 6624
and 6625 extending assistance to teachers of either private or public
schools to expedite the processing of their loans with a special loan
window dedicated specially for them.
The bill to be known as the "Private School Teachers Special Loan Window
Act of 2012" and "Public School Teachers Special Loan Window Act of
2012," will entitle every bonafide member of the SSS and GSIS the right
to avail and apply for a loan or financial assistance under the Special
Loan Window as may be granted for every private and public school
teacher by the systems at interest rate of repayment lower than the
prevailing interest rate.
"Unlike any other profession, teaching is perhaps the type that calls
for the need that teachers become the role models themselves," Castelo said.
Castelo said teachers both in private and public should be empowered to
lead simple but decent lives free from the dangers or risks of having to
borrow money or financial resources from "loan sharks" who now have run
a profitable cottage industry catering to the rather sad socio-economic
plight of a sizeable population in the teaching profession.
"It is the intent of the measure to help the teacher sector cope with
hard times given certain hardships that they are prone to finding
themselves in. In other words, their improved salaries and allowances
have not truly reached a desired point where there will be no need for
them to look for sources of funds through loans or lending schemes that
result, most often, in them being badly victimized by loan sharks,"
Castelo said.
Under the measures, any other form of financial assistance that could be
availed of, particularly an emergency loan, should be deemed different
and separate from this special loan window.
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