Specific Timing and Resumption of Moratorium
- The two-week period from February 15 to 28, 2003, corresponded to the critical period when teachers needed funds for paying tuition and related expenses.
- The moratorium on new loans was set to automatically resume from March 1, 2003, continuing through the period of re-accreditation.
- The duration of the re-accreditation and moratorium beyond that date would be formally communicated in writing to each lending institution.
Requirements for Lending Institutions Post-Lending Period
- Lending institutions must submit all new promissory notes and properly executed "Authorities to Deduct" to the Office of the Undersecretary for Finance and Administration by March 4, 2003.
- This requirement ensures proper documentation and compliance with the loan accreditation process.
Clarifications on Loan Deductions and Scope of Moratorium
- Salary deductions on existing teacher loans will continue unabated during the review and re-accreditation period; monthly remittances to lending institutions must be maintained.
- The review and moratorium apply exclusively to new salary loans; other financial products are treated separately.
- Insurance premiums and mutual assistance system (MAS) programs of teachers and related organizations are not subject to the moratorium and may proceed as usual.
- A separate review and re-accreditation program regarding insurance and MAS packages will be implemented in the future.
Dissemination and Administrative Actions
- The memorandum called for immediate and wide dissemination to ensure all concerned parties are informed.
- The policy was formally adopted on February 14, 2003, with the endorsement of Secretary Edilberto C. De Jesus.