Last April 24, 2020, the President has decided to extend the enhanced community quarantine (ECQ) in Metro Manila, Central Luzon, CALABARZON, and other regional areas until May 15, 2020. Thus, following DepEd Order No. 03, s. 2020, all loan amortizations deducted in favor of Pag-IBIG, Land Bank of the Philippines (LBP), and private lending institutions (PLIs) for the month of May 2020 were put on hold pending further clarifications and directives from the Department of Finance, on whether the application of grace period/loan moratorium applies to all regions, regardless of community quarantine classification.
Pursuant to the letter signed by Deputy Governor Chuchi G. Fonacier, Bangko Sentral ng Pilipinas, dated May 4, 2020 (copy attached) it was clarified that under the Bayanihan Act and its Implementing Rules and Regulations, the extension of the mandatory grace period shall be based on the extended ECQ period declared by the President and shall cover all lenders without distinction irrespective of their place of operation.
In view thereof, all payroll processors are hereby instructed to refund all loan deductions for the payroll month of May to all DepEd personnel not later May 22, 2020. Consequently, no remittance shall be made to all PLIs, Pag-IBIG and Land Bank of the Philippines. Also attached, for your ready reference, is a copy of our Advisory to all DepEd Employees and PLIs accredited under the Department's Automatic Payroll Deduction System (APDS) Program of even date.
It is understood that stoppage of deductions of the loan amortizations due to the Government Service Insurance System and DepEd Provident Fund were already effected in the May 2020 payroll pursuant to paragraph 21.22 (b) of DepEd Order No. 3, s. 2020. Otherwise, the said deductions must also be refunded to all DepEd personnel concerned.
For immediate compliance.
Refund of May 2020 Salary Loan Deductions, Date of Release
Reviewed by Anonymous
on
May 10, 2020
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Reviewed by Anonymous
on
May 10, 2020
Rating:
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