State-run Government Service Insurance System (GSIS) said the pension fund has granted over P200 billion in loans, benefiting over one million state workers and pensioners.
In a statement, Rolando Ledesma Macasaet, GSIS president and general manager said on Friday, June 4, that the fund has released P208 billion in net loans since 2019 through their various loan products.
“GSIS has provided assistance to countless lives at a time when they needed our help the most,” Macasaet said.
According to Macasaet, more than P108 billion was disbursed to nearly 292,000 members under the GSIS Financial Assistance Loan (GFAL) and over P16 billion to 256,537 individuals who availed of the Multipurpose Loan (MPL).
Moreover, at least P17 billion in emergency loan to 902,696 members was also released, along with P5 billion in computer loan to 171,208 borrowers.
In addition, P3.21 billion under the Enhanced Pension Loan was released to 82,894 pensioners and P980.22 million in Pensioners’ Emergency Loan was lent to 50,195 people.
Through the GFAL Educational Loan program, about 655 members received a total of P20.42 million in aid, allowing them to finish their college degrees while paying only the interest to their loans for the next five years.
GSIS’ Educational Subsidy Program (GESP), meanwhile, released P50 million to 5,025 college students.
“The multiplier effect of the loans in the communities have effectively pump-primed the economy in far-flung areas as banks and other financial institutions have tightened and were hesitant to grant credit,” Macasaet said.
At the same time, he said that GSIS has made it safer and more convenient for its members and pensioners to transact with the pension fund “through technology-driven initiatives such as Online APIR, G-TOUCH mobile app and Bayad Center partnership.”
“Despite the many uncertainties and limitations brought about by the COVID pandemic, we have not wavered in our service commitment,” he stressed.