By: Tamara Morrigan Catada

Agrarian Reform Secretary Conrado Estrella III and City Savings Bank, Inc. (CSB) President and Chief Executive Officer  Lorenzo T. Ocampo have  signed a memorandum of agreement that will provide a loan program to the employees of the Department of Agrarian Reform (DAR) across the country.

Ocampo said that with the said agreement, CSB will be able to extend easily accessible, value-adding loan services to DAR employees.

These include a multi-purpose loan facility which provides for salary deduction, collection, and remittance arrangements to be processed by DAR, through its human resource division.

The loanable amount offered ranges from P25,000 to P1,000,000,000, with a 12 percent annual diminishing interest.

The following will be required when availing of the loan: at least one year of service supported by a Certificate of Employment; must be of good moral character and without any derogatory record with the DAR; should at least be sixty-five years upon loan maturity; and should have one referrer on availing for the first loan.

"The culture of concern is deeply rooted in our company as evidenced by stories on how we elevate people's lives and fulfill financial inclusion through the products and services we offer,”  Ocampo said.

Estrella, meanwhile, expressed his gratitude to CSB for understanding and exerting all efforts to partner with the agency, and address the financial constraints of its employees.

"This is one big favor you have extended to the employees of the DAR,” he said.