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GSIS releases over P200B in loans to more than one million gov't workers, pensioners

Philippines | National

GSIS releases over P200B in loans to more than one million gov't workers, pensioners

By Gabriela Baron

The Government Service Insurance System (GSIS) said it has released over P200 billion in net loan proceeds to over a million members and pensioners.

(Pixabay)

Through its various loan products, GSIS President and General Manager Rolando Ledesma Macasaid said the state-run insurance fund "has provided assistance to countless lives at a time when they needed our help the most."

GSIS has granted over P108 billion to nearly 292,000 members who applied for the GSIS Financial Assistance Loan (GFAL); over P16 billion to 256,537 availees of the Multipurpose Loan (MPL); over P17 billion in emergency loan to 902,696 members; and over P5 billion in computer loan to 171,208 borrowers; P3.21 billion and P980.22 million for GSIS pensioners who availed of the Enhanced Pension Loan and Pensioners' Emergency Loan.

Macasaet added that the insurance system has also granted P20.4 million to 655 members through the GFAL education loan program and P50 million to 5,025 college students under the P10,000 per year Educational Subsidy Program (GESP).

" 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," he noted.

Macasaet added 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 annual pensioners' information revalidation (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.

Related Tags

pensioners loans GSIS

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