The Department of Social Welfare and Development (DSWD) on Saturday warned beneficiaries of the federal government’s money switch subsidy packages towards the follow of utilizing their money playing cards or ATM playing cards as mortgage collateral.
In an interview on Dobol B TV, DSWD Secretary Rex Gatchalian stated that when a beneficiary turns over his or her money card to a different particular person “then in effect, that new person becomes the new beneficiary.”
“That is against the rules,” Gatchalian stated.
The DSWD chief additional defined that participating in “sangla-ATM” schemes is a violation of the money switch program.
“Anytime na isangla mo ang isang cash card na ipinagkaloob sa’yo ng gobyerno… ilegal ‘yun. Sa ‘yo ibinigay ‘yun, sa ‘yo nakapangalan ‘yun at ‘wag na wag mong ibibigay sa ibang tao,” he stated.
(Anytime you pawn a money card given to you by the federal government — that’s unlawful. It was given to you and was issued in your identify. Don’t ever give it to different folks.)
“May parusa ‘yun. You can be disbarred from future programs of the government,” he added.
(There are penalties for [pawning a cash card])
Gatchalian inspired the general public to tell the DSWD about beneficiaries participating within the pawning of their money playing cards.
“Let us know and we will investigate,” he stated.
As early as 2018, the Bangko Sentral ng Pilipinas (BSP) stated no regulation exists prohibiting pawning of ATM playing cards in change for acquiring loans.
A 2022 BSP survey confirmed 2.6% of people getting loans adhere to this scheme.
The BSP has additionally suggested the general public to keep away from taking part in “sangla-ATM” schemes as it could results of monetary troubles. —KG, GMA Integrated News
Source: www.gmanetwork.com
