Issue of September 9, 2018
Mt. Province

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Loan, free insurance for DepEd workers
by Press release

China Bank Savings (CBS) and Manulife China Bank Life Assurance Corporation (MCBL) have partnered with the Department of Education to provide Easi-Automatic Payroll Deduction Salary Loans (Easi-APDS Loan).

The program will allow employees of the DepEd to apply for salary loans that come with free life insurance for those availing themselves of the loan. 

The Easi-APDS Loan will allow DepEd employees to manage their salary loans with the assurance that their families will be protected if they pass away.

They can borrow a minimum of P5,000 and a maximum of P1 million, payable either in 12, 24, or 36 months.

During the first three months, the insurance coverage will be equivalent to the outstanding loan balance. It increases to 1.5 times of the outstanding loan balance from the fourth month onwards.

Neil Jumawan, head of APDS Lending Group of CBS, said, “We are happy to partner with the DepEd to further improve their APDS program and help their employees find a fast, affordable, and hassle-free option in case of any need.”

“Teachers had been taking loans without having insurance protection. With the Easi-APDS Loan, they can borrow without the worry of leaving this financial burden to their families in case of death,” Ryan Charland, president and CEO of Manulife Philippines added.

The product is now available through Easi-APDS Loan centers and China Bank Savings branches nationwide.  

China Bank Savings, the thrift banking arm of China Banking Corporation, is committed to promoting financial inclusiveness and uplifting the quality of life of consumers and entrepreneurs, in line with its “Easy Banking for You” brand of service.

Manulife China Bank Life Assurance Corporation is an alliance between Manulife Philippines and China Bank, providing a wide range of innovative insurance products and services to China Bank and China Bank Savings customers.

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