Lender for teachers loses DepEd accreditation

The BSP, in a letter dated Nov. 23, 2022, informed DepEd that it revoked the license to operate of MTSLAI as a nonstock savings and loan association because of a “willful violation” of Republic Act No. 8367 or the Revised Non-Stock Savings and Loan Association Act of 1997.The Alliance of Concerned Teachers said many of its members considered the agency’s automatic deduction system a “huge help” to teachers.

Duterte said that under the mutual aid system membership of MTSLAI, the collection of payroll deductions from the date of revocation on Nov. 25 would continue for the next three months or until an employee requests that it be stopped. “The problem with that, and this has been our problem for so long, is the arrears, because the loan was not remitted in a definite time,” Bernardo told the Inquirer on Tuesday.

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