Bill allowing gov’t-owned banks to give teachers special loans filed

A congresswoman has filed a bill seeking to authorize government-owned banks to open a special loan window that would grant financial aid or assistance to public school teachers who wish to avail of loans with low interest rate.

Quezon City Rep. Precious Hipolito-Castelo filed House Bill (HB) No. 1015 or the proposed “Public School Teachers Special Loan Window Act” which aims to entitle every bona fide public school teacher with the right to avail and apply for loan or financial assistance, with low interest rate, under the Special Loan Window of  government-owned banks.

The bill provides that such loan shall be different and separate from any existing emergency loans for public school teachers, which usually impose high interest rates.

Hipolito-Castelo said that unlike other noble professions, teaching prescribes that teachers should serve as role models themselves.

“To achieve this end, teachers should be allowed or better still, empowered to lead simple but decent lives, free from the dangers or risks of having to borrow money or financial resources from loan sharks,” said Hipolito-Castelo.

The lawmaker said the bill intends to help teachers cope with the hard times.

“Their improved salaries and allowances have not truly reached the desired point where teachers no longer need to look for fund sources, such as loans or lending schemes, which only turn them into victims of loan sharks,” said Hipolito-Castelo.