PVB offers salary loan program to City Hall employees-A A +A
Wednesday, January 30, 2013
THE Philippine Veterans Bank (PVB) is now offering financial assistance program through salary loan for all City Government employees and officials.
City Councilor Simeon Licayan, chair of the committee on finance, said through the memorandum of agreement (MOA) between the City Government represented by City Mayor Vicente Y. Emano and PVB represented by Executive Vice President Jesus Vicente O. Garcia and Severo C. Leagogo, the bank offers financial assistance under its salary loan program to qualified employees or officers of private corporations, partnerships, associations, government owned and controlled corporations, national, provincial, municipal, city and barangay units of government.
Starting this month, qualified employees or officers can avail of the salary loan with a minimum amount of P10,000 to a maximum of P100,000 with only 13 percent per annum interest to PVB.
The PVB office is located along Tiano Brother St.
Licayan said based on the provisions of the bank, the final loan amount per borrower shall be determined and approved by the bank but limited to an amount where after deducting the required loan and all other deduction from the borrower’s monthly salary shall not result in a net take-home-pay of less than P3,000.
Licayan said the loan will be payable within three years deducted through their monthly salary.
He said borrowers can renew the loan once they have already paid 80 percent of their principal payment.
However, if the borrower fails to pay, the bank will charge a penalty of 1.5 percent per month.
Licayan said through this salary loan program, the city employees will be assured of financial assistance in times of emergency.
Published in the Sun.Star Cagayan de Oro newspaper on January 31, 2013.