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Philippine Thrift Banks Support Seven-Year Salary Loans But Warn Against Universal Application

GateNews
According to Manuel Santiago Jr., trustee of the Chamber of Thrift Banks, on July 15, thrift banks support the Bangko Sentral ng Pilipinas' decision to extend salary loan terms to seven years under BSP Circular No. 1239 (issued June 18), but want longer repayment periods limited to specific expenses to prevent borrowers from accumulating overlapping debts. Santiago said six- and seven-year terms should not automatically apply to all salary loans, particularly those for recurring expenses such as tuition. "Where tuition is really a one-year thing and you're going to need tuition every year, you cannot do seven years of tuition fee," he told reporters. The chamber is considering recommending that longer loan terms be reserved for emergency situations and major non-recurring expenses such as home repairs.
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