A total of P151 billion loans have been released by the Government Service Insurance System (GSIS) to over 1 million members and pensioners in 2021, GSIS President and General Manager Rolando L. Macasaet disclosed.
Macasaet noted that such is a four percent increase from the prior year’s total of P145 billion.
“Through our various Ginhawa for All (GFAL) loan programs, GSIS has extended financial assistance at a time when our members and pensioners were in dire need of help,” he said in a statement, adding that GSIS continues to improve its policies and programs through the feedbacks and inputs from its members.
Of the said total amount, Macasaet said P106 billion was under GFAL multipurpose loans (MPL).
“The loan aims to help active members, particularly those who have reached their borrowing limit and unable to pay their loans. It consolidates the existing loans of members, except housing and policy loans, and waives surcharges on in-default accounts.”
Per GSIS, members may apply for up to 14 times their basic monthly salary but not to exceed P3 million through GFAL MPL.
GSIS said it will launch GFAL GSIS MPL Plus this month. It is an enhanced version of its current MPL program.
“Under the loan window, GSIS will increase the credit limit to P5 million; extend the maximum payment term to 10 years; and relax borrowers’ eligibility conditions.”
Also, the state pension fund released P27 billion to 62,974 availees of GSIS Financial Assistance Loan, through which members were able to borrow up to P500,000, consolidate their loans from their agencies' accredited lending institutions, and transfer the remaining balance to GSIS.
Under the GFAL Computer Loan program, GSIS said it disbursed over P7 billion in gross proceeds, benefitting more than 230,205 borrowers. The GFAL Computer Loan is a loan window that grants a P30,000-assistance to GSIS members for the purchase of a computer unit for their work-from-home arrangement or their children’s online classes.
The state pension fund also granted P6 billion to 269,440 regular and optional loan borrowers; P1 billion to 38,980 GFAL emergency loan borrowers; and P89 million to 2,035 members through the Ginhawa Educational Loan program.
Meanwhile, for pensioners, P3.03 billion and P96 million have been released in GFAL Enhanced Pension Loan (38,144) and Pensioners’ Emergency Loan (4,415), respectively.