Acting on President Rodrigo Duterte’s order to prevent loan sharks from taking advantage of policemen and soldiers, the Philippine National Police deferred all salary deductions for loan payments to six lending firms that have been the subject of complaints by PNP members.
The move by PNP Chief Oscar Albayalde was received as a win-win solution to the predicament of PNP personnel facing financial woes due to indebtedness from “loan sharks,” imposing excessive interest rates and over-collection.
PNP Spokesman Chief Supt. John Bulalacao said that with the deferment of loan payments deductions, PNP members will have to settle instead their loan obligations directly with the lending firms to avoid penalties and surcharges.
Last week, a group of retirees from the PNP complaining of abuse of the PNP’s system for automatic deductions of their monthly pension payments prompting them to elevate their concern to President Duterte.
Seventy-four PNP personnel complained that six multi-purpose cooperatives have been imposing excessive interest rates on monthly automatic loan payment. Then PNP chief Ronaldo “Bato” dela Rosa ordered its immediate termination. However, the practice went on uninterrupted.
Upon learning of the PNP retirees problem, Duterte advise Albayalde and acting Interior Secretary Eduardo Ano to formulate solutions to the problem.
Albayalde has ordered the PNP Committee on Accreditation and Automatic Deduction to continuously conduct an inventory of PNP personnel who have been victimized by loan sharks.
The CAAD has identified six lending firms that were the subject of numerous complaints as: 1. Government Civil Servants Multi-Purpose Cooperative (GCSMPC); 2. Yaman at Kabuhayan ng Kawal at Pulis Multi-Purpose Cooperative (YAKKAP MPC); 3. Finance Family Multi-Purpose Cooperative (FFMPC); 4. Kooperatiba ng Pulis at Sundalo Multi-Purpose Cooperative (KOOPULIS MPC); 5. Pulis Kapit Bisig Multi-Purpose Cooperative (PKBMPC); and 6. Tagapagtaguyod Multi-Purpose Cooperative (TMPC).
Bulalacao said the Chief PNP also instructed the CAAD and concerned Directorial Staff to purge the list of accredited private lending institutions that provide financing services to PNP members in coordination with Cooperative Development Authority and the Bangko Sentral ng Pilipinas.
