AS A leader, I personally value the need for the teachers/personnel and learners alike to be equipped with the competencies on how to manage our finances even how big or small it is.
The good Secretary of Education Leonor Briones introduced a significant initiative under the proposed 2018 budget of Department of Education (DepEd) to use in empowering personnel and learners alike in managing personal finances.
The Secretary believes that it’s not only the learners that the Department aims to prepare with financial education through its integration in the K to 12 curriculum, and the implementation and institutionalization of financial literacy programs. There is also a need to equip the teaching and non-teaching personnel as well so that they may truly reap the fruits of their hard labor even before retirement.
This move is very timely since nowadays, a lot of banks and financial institutions are racing to give the best deals to teaching and non-teaching personnel in the form of personal loans payable within two to three years with an option for renewal after a reasonable number of months of paying their amortizations. The loan acquired sometimes serves only as a way to pay outstanding balance from the other bank and not really to use it for a way of improving their standards of living.
DepEd, as a way of encouraging and educating its personnel against over-borrowing, is introducing policy and operational improvements, and enhancing the guidelines for its Automatic Payroll Deduction System (APDS) Program as revealed by an article from its website. It was also written there that based on data as of December 31, 2016, the outstanding loan receivables of APDS-accredited private lending institutions (PLIs) have amounted to P170.96 billion.
According to DepEd Finance Undersecretary Victoria Catibog, more than 23,000 have retired without receiving a single centavo of their gratuity because even these are not enough to pay for the loans they have accumulated. She said DepEd will change the mindset of teachers and personnel when it comes to handling and managing their finances.
The report also mentioned that Catibog further shared that DepEd has been in talks with several PLIs to extend their other services on financial literacy to teaching and non-teaching personnel of DepEd where a number of Central Office personnel have already participated in a practical wealth management initiative facilitated in May 2017.
Furthermore, the draft enhanced guidelines and the APDS memorandum of agreement (MOA) are currently for critiquing of the Regional Administrative and Finance Chiefs and members of the technical working group created for this purpose.
DepEd is not only implementing Financial Literacy Program for DepEd employees, it has ongoing discussions with the Government Service Insurance System on the proposed Financial Assistance Program for DepEd borrowers.
With the teachers and personnel well equipped after undergoing financial literacy workshop, it would signal a possible multiplier effect to the learners as they can already talk about the matter based on personal experience.
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Director’s Cut: (This portion features the thoughts of lawyer Alberto Escobarte, CESO IV, Regional Director, DepEd-Davao to all stakeholders and recipients of the efforts to improve the basic education). "Let me assure you that in the performance of my official duties and even my private acts will be guided and guarded by my Oath of Office, The Panunumpa ng Kawani ng Gobyerno, the Philippine Constitution and all the laws that govern our actions.”
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You can access DepEd Updates, latest issuances, photos and other relevant information through our website: http://www.deped.gov.ph and our Facebook Page: https://www.facebook.com/Deped.Philippines/. For queries, complains and other concerns for the different schools divisions email them to davao.city@deped.gov.ph, davao.delsur@deped.gov.ph, davao.delnorte@deped.gov.ph, tagum.city@deped.gov.ph, panabo.city@deped.gov.ph, igacos@deped.gov.ph, davao.oriental@deped.gov.ph, digos.city@deped.gov.ph, mati.city@deped.gov.ph and compostela.valley@deped.gov.ph.