- Posted June 27, 2014 by
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Phl to regulate loan interest rates to teachers
Rep. Giorgidi Aggabao of Isabela Province said House Bill 4601 seeks to put a cap on the interest rates being charged by lending institutions as a modest attempt to alleviate the economic plight of public school teachers.
"Our teachers are easy prey to shark loans and in this age of electronic banking, the so-called 'payday' or 'ATM' loans is now the common practice where the borrowers/debtors pledge and surrender their ATMs to their creditors to secure payment of their loans every pay period until the loan is fully paid," Aggabao said.
She said with a family to support and with such meager salaries, teachers have time and again fallen victims to high interest rates and exorbitant fees, to make both ends meet.
"We have often hailed our teachers as our unsung heroes yet to this day, this recognition remains but an empty accolade. It is high time that we put our teachers first and this bill aims to inch towards that direction," the lawmaker stressed.
Under the measure, all actively employed public school teachers, whether full time or part-time, in all levels of education are covered by this Act.
The bill also provides that the rate of interest in consumer loans extended to covered teachers shall not exceed 6% per annum, including all fees and charges, insurance and other ancillary products sold in connection with the consumer loan.