PhilHealth inks MOA on salary loan program-A A +A
Friday, March 18, 2011
THE Philippine Health Insurance Corporation (PhilHealth) and the Philippine Veterans Bank (PVB) has formalized an agreement governing a salary loan program for PhilHealth's employees and officers.
As per the agreement, qualified borrowers shall be entitled to a maximum of three months' gross pay but not to exceed P200,000, payable within two to three years at a fixed interest rate of 11 percent per annum.
The PVB salary loan program is a form of financial assistance extended to qualified employees and/or officers of private corporations, partnerships, associate government owned and controlled corporations, national, provincial, municipal, city and barangay units, as well as to elective officials and/or sectoral representatives of the national, provincial, municipal, city and barangay units of government.
The program aims to reach out to employees through their employers so that it can offer the financial assistance that best suits their budget.
Reports have it that PhilHealth was chosen as one of the recipients of the program since it "is one of the valid clients of the PVB and as much as possible, we want to give all the bank products and services that it can give to PhilHealth."
The program was designed to be a hassle-free program for both employees and employers. Employers can benefit from said undertaking since the loan program is part of the employees' benefits. The company need not finance the employee loans, and the monthly payments of employees will be through salary deduction. The employees' benefits, on the other hand, include a flexible payment term of 24 to 36 months. (CGC)
Published in the Sun.Star Bacolod newspaper on March 18, 2011.