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Manila Bulletin devider Philippines devider National devider GSIS grants P221B worth of loans to over a million government employees, pensioners

GSIS grants P221B worth of loans to over a million government employees, pensioners

Published Jun 16, 2022 03:26 pm

The Government Service Insurance System (GSIS) granted a total of P221 billion of loans to 1.38 million active members and pensioners nationwide from January 2021 to May 15, 2022.

(GOVERNMENT SERVICE INSURANCE SYSTEM)

“We rolled out several programs under our 'Ginhawa for All' benefit bundles to extend financial assistance at a time when our members and pensioners needed it most,” GSIS President and General Manager Rolando Ledesma Macasaet said in a statement released on Thursday, June 16.

A total of P165 billion from the total amount of loans granted during the aforementioned period was allocated to the multi-purpose loan (MPL) which benefited 468,872 borrowers.

MPL aims to help active GSIS members, particularly those who have already reached their borrowing limit and are unable to pay their loans, by consolidating their existing loans and waiving surcharges on in-default loan accounts.

In April, GSIS launched an enhanced MPL program called MPL Plus where members can apply up to 14 times their basic monthly salary but not exceed P5 million. It has a seven percent loan interest and the term has been extended up to 10 years.

Moreover, GSIS' Computer Loan program disbursed P7.6 billion in gross proceeds to 253,481 borrowers. The program grants a P30,000 worth of assistance for the members' purchase of a computer unit for their work-from-home arrangement or their children’s online classes.

This program, which lasts until June 2022, is payable in three years with six percent interest per annum.

Additionally, GSIS paid out P27.8 billion to 64,381 applicants of the GSIS Financial Assistance Loan (GFAL). This is a "balance-transfer facility" that allows members to settle their outstanding loans with other lending institutions with reduced interest rates and longer payment terms.

Meanwhile, a total of P175 million was released by the state-run pension fund to 1,504 members through their GFAL Educational Loan program. Being a "study-now pay-later loan program", this is intended for the college education of active GSIS members' children or relatives. The interest rate is only eight percent and the member can borrow up to P100,000. They can nominate a maximum of two student beneficiaries.

Aside from MPL, computer loan, GFAL, and GFAL Educational Loan, GSIS also offers regular policy loans and emergency loans. The agency released P8.8 billion to 355,956 policy loan borrowers and another P5.519 billion to 165,352 emergency loan borrowers.

On top of that, 56,110 pensioners benefitted from the P4.6 billion released by GSIS under the Enhanced Pension Loan. Another 7,903 pensioners were granted Pensioners’ Emergency Loan from the total amount of P204 million paid by GSIS.

Not only active members were allowed by GSIS to restructure their loans. Through the Program for Restructuring and Repayment of Debts, a one-time condonation and restructuring program for inactive GSIS members with outstanding loans, GSIS released a total of P203 million and benefited 1,498 inactive members.

“We faced the struggles and embraced the challenges brought about by the pandemic, so we can provide the essential needs of our clients — convenience, protection, and safety," said Macasaet.

He also encouraged the members and pensioners to avail GSIS loan programs as an aid for their financial needs.

"By doing so, they are also helping GSIS sustain its actuarial life and enable us to pay our members and pensioners their benefits as and when they fall due,” Macasaet appealed. (Luisa Cabato)

Related Tags

ginhawa for all Enhanced Pension Loan multi-purpose loan (MPL) GSIS Financial Assistance Loan GFAL Educational Loan program Government Service Insurance System (GSIS) Rolando Ledesma Macasaet
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