PNP chief vows to resolve cops’ loans fiasco

MANILA Philippine National Police Director General Ronald dela Rosa on Monday vowed to resolve anomalies in the collection of payment for loans of more than 3,000 policemen from the institution's personnel cooperatives which charge usurious interest rates.

Dela Rosa ordered the stoppage of all loan payment deductions in favor of some lending institutions that have been the subject of numerous complaints from police creditors.

The problem arose after cooperatives automatically imposed higher charges in loan amortizations from policemen who had outstanding loans following the implementation of the base pay hike for uniformed personnel this year.

These cooperatives are required to have no fewer than 500 PNP personnel as members.

Police officials are set to meet with stakeholders on Tuesday to resolve the matter.

"I am reiterating my instruction to all PNP unit commanders to look upon the welfare of their personnel and ensure that no PNP personnel will be aggrieved by these loan sharks, Dela Rosa said.

In addition, the PNP chief already instructed the Committee on Accreditation and Automatic Deduction (CAAD) to continuously conduct the inventory of PNP personnel who have been victimized by loan sharks and urged the committee to come up with immediate action and solution.

The PNP Finance Service noted 74 PNP personnel complained against Multi-Purpose Cooperatives that imposed excessive interest rates and prolonged term of loan payment. Some of the complainants are retired and active personnel of the PNP, most of them are from Mindanao.

Moreover, CAAD identified the subject of numerous complaints as: Government Civil Servants Multi-Purpose Cooperative, Yaman at Kabuhayan ng Kawal at Pulis Multi-Purpose Cooperative, Finance Family Multi-Purpose Cooperative, Kooperatiba ng Pulis at Sundalo Multi-Purpose Cooperative, Pulis Kapit Bisig Multi-Purpose Cooperative and Tagapagtaguyod Multi-Purpose Cooperative.

Dela Rosa assured the PNP will impose appropriate sanctions against erring financial institutions that engage in anomalous banking practices.

Source: Philippine News Agency

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