The PNP Finance Service will implement a 30-day moratorium on salary deductions representing monthly amortization for loans made by PNP personnel in six (6) accredited financial institutions that provide financial services to PNP members.
Upon instructions of PNP Chief, Police General Archie Francisco F Gamboa, the PNP thru the Directorate for Comptrollership, under Police Brigadier General Marni Marcos Jr., Acting Director for Comptrollership, made efforts in coordinating with the accredited private lending institutions with regard to the suspension of loan deductions in order to 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 as a public health measure in response to the COVID-19 pandemic.
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.
Marcos 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.
It is understood, however, that loan payment terms will be extended for one month and monthly amortization will resume in May 2020. (PNP-PIO)
This article is a repost of the Press Release by PNP-PIO.