Loan Moratorium for All DepEd Employees: What You Need to Know

The Department of Education (DepEd) has announced a loan moratorium for all teaching and non-teaching personnel. This temporary suspension aims to provide financial relief, especially for those affected by recent calamities. Here are the important details regarding this initiative:

1. What is a Loan Moratorium?

• A loan moratorium is a temporary suspension or deferral of loan payments.
• During this period, borrowers are not required to pay monthly amortizations, interest, or other associated fees for a specified duration.

2. Actions Taken by DepEd

DepEd has actively coordinated with various institutions to implement this moratorium:

• Financial Institutions: Requested to suspend loan payments for all DepEd employees.
• Government Service Insurance System (GSIS): Collaborated with GSIS to apply the moratorium to its members.
• Bangko Sentral ng Pilipinas (BSP): Asked not to classify DepEd personnel loans as "non-performing loans" for the duration of the moratorium, specifically from December 2024 to March 2025.

3. Duration of the Loan Moratorium

The suspension period varies depending on the employee's circumstances:

• All DepEd Employees: Loan payments are suspended for December 2024. Payments will resume in January 2025.
• Typhoon-Affected Employees: For personnel directly impacted by typhoons in calamity-declared areas, loan payments are suspended for three months (January to March 2025). Payments will resume in April 2025.

4. Who is Covered by the Loan Moratorium?

• December 2024 Suspension: Applicable to all DepEd personnel nationwide.
• January to March 2025 Suspension: Specifically for DepEd employees who are bona fide residents or personnel in calamity areas, as declared by government agencies such as the Office of the President, LGUs, or the Office of Civil Defense starting September 2024.

5. Scope of the Loan Moratorium

• The moratorium covers all charges, costs, and interests associated with loan payments.

This initiative underscores DepEd’s commitment to supporting its workforce, especially during times of financial strain and calamity. Employees are encouraged to stay informed and coordinate with their respective financial institutions to ensure smooth implementation of this program.

Source: Department of Education

Loan Moratorium for All DepEd Employees: What You Need to Know