DO 52, s. 2017 - Amendments to DepEd Order Nos. 12 s. 2004 and 36, s. 2007 (Revised Implementing Guidelines for the DepEd Provident Fund)
Amendments to DepEd Order Nos. 12 s. 2004 and 36, s. 2007 (Revised Implementing Guidelines for the DepEd Provident Fund)
Bureau and Service Directors
Schools Division Superintendents
Public Elementary and Secondary Schools Heads
All Others Concerned
Qualified casual employees, including contractual employees with appointment and co-terminus employees, who have been in the service with the Department for at least two (2) years of continuous service, may avail of the Provident Fund loan up to a maximum amount of Twenty Thousand Pesos (P20,000.00) only, and shall be payable up to a maximum of two (2) years (24 months). Qualified co-terminus employees who have been in the service with DepEd for at least two years, inclusive of services rendered as Contract of Service (COS) within the last five years, if any, may avail of the PF loan up to a maximum principal amount of Fifty Thousand Pesos (P50,000.00) only, payable in equal monthly amortizations from 12 up to 24 months, at the option of the borrower, subject to his/her capacity to pay.
The borrower shall be required one co-maker with the following qualifications:
With permanent status of employment;
b. Section X, Item 10 of DO 12, s. 2004
All types of loans shall have an interest rate of six percent (6%) per annum, add-on and straight computation. The regular loan shall be paid in twenty-four (24) equal monthly installments (two  years), while the special loan may be paid in either twenty-four (24, two  years), thirty-six (three  years) or sixty (60, five  years) equal monthly installments, depending on the borrower’s capacity to pay and with his/her consent. The teacher/ employee-borrower may opt for a shorter repayment term for his/her loan. In all cases, re-payment of loans shall be through automatic deduction from the borrower’s salary, either by agency payroll or PSD-IBM deduction. All types of loans shall have a contractual interest rate of six percent (6%) per annum, computed using the diminishing/declining balance method, wherein the interest per installment period is calculated based on the outstanding balance of the PF loan at the beginning of each installment period.
Total amount due, inclusive of principal and interest, will be payable in equal monthly amortizations. The borrower may opt for a repayment period from 12 up to 60 months, subject to his/her capacity to pay. In all cases, repayment of loans shall be through automatic payroll deduction. For guidance, refer to Illustrations 1 to 5, for terms of loan of 1 to 5 years, respectively, and the corresponding notes.
References: DepEd Order: (Nos. 12, s. 2004 and 36, s. 2007)
To be indicated in the Perpetual Index under the following subjects:
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