Philippine Veterans Bank loan program for employees OK’d

THE city government of Cagayan de Oro has partnered with the Philippine Veterans Bank (PVB) the latter’s salary loan program for qualified city hall employees.

This, after the 20th City Council during its regular session presided over by Vice Mayor Bebot Rodriguez, enacted an ordinance authorizing City Mayor Rolando A. Uy to enter into and sign the Memorandum of Agreement (MOA) with the PVB for the purpose.

Under the MOA, the PVB shall provide the city a billing statement at least ten days prior to the agreed date of payment via deduction from the Automated Teller Machine (ATM) payroll deposit account maintained by the qualified employees with the bank based on the terms and conditions in the promissory notes signed by the employees.

The city, in the same agreement, shall maintain the payroll accounts of its employees or elected officials with the bank.

The city also agrees that in case the city decides to cancel the existing payroll facility and services agreement with the bank, the city shall ensure the regular collection and remittance of the monthly amortization due to the bank from the covered employees or elected officials through salary deduction from the payroll accounts until all the loan obligations of the borrower are fully paid and satisfied. (JBDacer/SP)