Press Release
April 18, 2006


Senator Manny Villar, Chairman of the Senate Committee on Finance, says that just like overseas Filipino workers (OFWs), teachers should also be provided with a bank dedicated solely for their financial requirements.

Besides filing Senate Bill 639 that seeks the creation of the Philippine Overseas Workers Bank, Villar also filed Senate Bill 572 or "An Act Creating the Philippine Teachers' Bank".

"The bill seeks the creation and organization of a Philippine Teachers' Bank that shall operate as a commercial bank primarily to meet the banking needs of all public school teachers. With a bank of their own, it is envisioned that said teachers shall have something to rely on during their financial difficulties," cites Villar on his bill.

Among others, Villar further cites, the creation of the teachers' bank also aims to encourage members to save whatever extra earnings they have, to extend credit facilities to members at nominal rate of interest to save them from the clutches of loan sharks, to provide them with additional income in the form of dividends and to have an official depository of the fund of the Philippine Public School Teacher Association to help it members.

"Almost all of us are aware that most teachers are having a hard time to make both ends meet. So much so that many of them have turned to unscrupulous money lenders or the so-called '5-6' and it has become fairly common for them to sell foodstuffs and other knickknacks in schools to earn extra," says Villar.

According to Villar, "All of these notorious practices of teachers that we feel get in the way of them giving our children quality education would be minimized if not totally stopped if they would have a bank of their own that can serve their financial needs, particularly in terms of loans."

If and when passed into law, under Villar's bill, the Philippine Teachers' Bank which will operate a commercial banks shall have authorized capital stock shall be P1 billion and would have legal existence for a period of 50 years.

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