State-run Government Service Insurance System (GSIS) has released P221 billion in loans to 1.38 million active members and pensioners nationwide since January last year.
Rolando Ledesma Macasaet, GSIS president and general manager said on Thursday, June 16, that of the total amount of loans granted from January 2021 to May 15, 2022, P165 billion was in multi-purpose loan (MPL).
The MPL loan releases, which aim to help active members, particularly those who have reached their borrowing limit and unable to pay their loans, were granted to 468,872 borrowers during the period, Macasaet said.
“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,” Macasaet said.
Last April, GSIS also launched the enhanced MPL program by coming out with the MPL Plus where members may apply for up to 14 times their basic monthly salary, but not to exceed P5 million, depending on their premium payments.
Under another loan product, the Computer Loan program, GSIS disbursed P7.6 billion in gross proceeds to 253,481 borrowers.
The pension fund also processed 64,381 applications under the GSIS Financial Assistance Loan (GFAL) program, disbursing P27.8 billion.
Moreover, GSIS also offered the regular policy loan and emergency loan, with total releases of P8.8 billion to 355,956 policy loan borrowers and another P5.519 billion to 165,352 emergency loan borrowers.
GSIS also released P175 million to 1,504 members through the GFAL Educational Loan program.
Meanwhile, 56,110 pensioners benefitted from the P4.6 billion released under the Enhanced Pension Loan. Another 7,903 pensioners were granted Pensioners’ Emergency Loan from the total amount of P204 million paid by GSIS in the same period.
Even inactive members were given the opportunity by GSIS to restructure their loans.
Under the Program for Restructuring and Repayment of Debts (PRRD), GSIS released P203 million to 1,498 inactive members.
“We encourage our members and pensioners to avail of GSIS loan programs to aid them in their various expenses. 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 said.