7. MONETIZATION OF LEAVE CREDITS
Section 23. Monetization of 50% or more of vacation/sick leaves credits. – Monetization of fifty (50%) or more of the accumulated leave credits may be allowed for valid and justifiable reasons such as: a. Health, medical and hospital needs of the employee and immediate members of his/her family; b. Financial aid and assistance brought about by force majeure events such as calamities, typhoons, fire, earthquake and accidents that affect the life, limb and property of the employee and his/her immediate family. c. Educational needs of the employee and the immediate members of his/her family. d. Payment of mortgages and loans which were entered into for the benefit or which inured to the benefit of the employee and his/her immediate family; e. In cases of extreme financial needs of the employee or his/her immediate family where the present sources of income are not enough to fulfill basic needs such as food, shelter and clothing. f. Other analogous cases as may be determined by the commission. *The monetization of 50% or more of the accumulated leave credits shall be upon the favorable recommendation of the Agency Head and subject to availability of funds.