Cops get 30-day grace period for April loan payments

GOOD news for policemen who are serving as ‘front-liners’ in the government effort to prevent the further spread of the Corona Virus 19 pandemic in the country.

The Philippine National Police Finance Service yesterday announced it will implement a 30-day moratorium on salary deductions representing monthly amortization for loans made by PNP personnel in six accredited financial institutions that provide financial services to PNP members.

On orders of PNP chief, General Archie Francisco F. Gamboa, the PNP Directorate for Personnel headed by Brigadier Gen. Marni C. Marcos Jr. made efforts in coordinating with the accredited private lending institutions with regard to the suspension of loan deductions.

Marcos said the suspension will help augment the financial capabilities of PNP personnel by increasing their take home pay which in turn shall benefit their respective families especially during the implementation of the Enhanced Community Quarantine in Luzon.

Marcos said the 30-day reprieve will take effect in the April 2020 pay period and will  result in increased net take home pay to PNP personnel with outstanding loan balances in these financial institutions.

The PNP Comptroller said he has instructed the PNP Finance Service to effect the changes in the April payroll of 205,000 active-duty PNP personnel.

These financial institutions namely Armed Forces and Police Savings and Loan Association Inc. (AFPSLAI), Public Safety Savings and Loan Association Inc. (PSSLAI), Air Materiel Wing Savings and Loan Association Inc (AMWSLAI),PNP Provident Fund, Public Safety Mutual Benefit Fund Inc (PSMBFI), and Armed Forces and Police Mutual Benefit Fund Inc (AFPMBAI) have implemented their respective 30-day suspension of monthly payment of loan accounts of PNP members without penalty as provided under Republic Act 11469 or Bayanihan to Heal as One Act.