MANILA — The Bangko Sentral ng Pilipinas (BSP) has revoked the accreditation of a loan agency for teachers, the Department of Education (DepEd) bared in a recent order.

According to DepEd Order No. 5 dated Feb. 20, the BSP revoked the license of the Manila Teachers' Savings and Loan Association, Inc. (MTSLAI) as a non-stock savings and loan associations (NSSLA) for violating Republic Act (RA) No. 8367 or the Revised Non-Stock Savings and Loan Association Act of 1997, and other BSP regulations. It also imposed monetary penalties pursuant to RA No. 7653 or The New Central Bank Act.

As a result, MTSLAI can no longer do business as an NSSLA and is prohibited from offering mutual aid system membership and new loans starting November 25, 2022, the DepEd explained.

"In relation to this, for the mutual aid system membership dues and/or contributions, collection of deductions already incorporated in the APDS (Automatic Payroll Deduction System) as of the date of revocation shall continue for the next three months or until requested for stoppage by the concerned employees, whichever comes earlier," the order read.

"For loans granted before November 25, 2022, the collection of deductions for these existing loans in the APDS for MTSLAI or any salary deduction on behalf of MTSLAI shall continue up to the termination dates reflected in the pay slip and until fully paid," it added.

DepEd asked its finance service and APD Task Force to "ensure that no DepEd employee shall be allowed to apply for mutual aid system membership and/or contributions or loan with MTSLAI beginning November 25, 2022."

It also asked the finance service and task force to inform all teaching and non-teaching personnel of the revocation.

Concerned personnel may reach out to the Employee Account Management Division at the DepEd Central Office in Pasig, through email at fs.eamd@deped.gov.ph or its telephone number (02) 8633-7248.

Status of savings

Ruby Bernardo, president of the Alliance of Concerned Teachers (ACT)-NCR, lamented they "have not heard" anything from MTSLAI", as she appealed to the loan agency to clarify what will happen to the savings of their member-teachers.

"Technically, mahihirapan dito yung mga teachers na nag-loan lampas sa revocation period na November 25, 2022. 'Yan kasi talaga ang problema, narevoke na nga ang lisensya.. nago-operate pa," Bernardo told ABS-CBN News.

(Technically, teachers who had loans past the revocation period of November 25, 2022 are the ones who will face difficulty here. The problem is... their license was already revoked... yet they continued to operate.)

"As of now, we don't hear anything from MTSLAI kahit magpunta ka pa sa mga (even if you go to their) main office and branches," she added.

ABS-CBN News sought MTSLAI's side through its main office in Ermita, Manila, but a personnel said the agency has yet to release an official statement.

Earlier, Vice President and DepEd Sec. Sara Duterte said she looks forward "to partnering with the Integrated Bar of the Philippines (IBP) to help public school teachers with regard to their problems with contracts and loan obligations".

Asked what kind of assistance will the IBP extend to teachers, DepEd Spokesperson Michael Poa said "the intention is to be able to provide a free legal service window for our teachers; particularly on loan contracts and obligations."

"Coordination meetings have been scheduled. We will provide updates and more details once talks progress between DepEd and the IBP," he added.

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