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Manila Bulletin devider Business devider GSIS urges members to access MPL Flex program

GSIS urges members to access MPL Flex program

Published Jan 2, 2024 07:32 am

At A Glance

  • The Government Service Insurance System (GSIS) lent over P70.5 billion to the members who availed of Multipurpose Loan (MPL) Flex from September to December of 2023.<br>The MPL Flex offers the lowest interest rate at 6 percent, with repayment terms between one to 15 years.<br>Through the flex program, members can borrow up to 14 times their basic monthly salary, given that the maximum limit will be P5 million.<br>The MPL Flex is also available to teachers as it coincides with the MATATAG program of the Department of Education (DepEd).<br>GSIS carried out a P1 million raffle to 200 members who availed the MPL Flex program via app and GW@PS.

The Government Service Insurance System (GSIS) has urged its members to take advantage of its improved lending program designed for state workers.

In a statement, GSIS President and General Manager Wick Veloso said over 258,000 government employees and Department of Education (DepEd) teachers have already taken advantage of the Multipurpose Loan (MPL) Flex.

Launched in September 2023, MPL Flex provides a six percent interest rate and a more extended, flexible payment period ranging from one to 15 years.

Veloso stated that since the loan program's launch, GSIS has disbursed over P705 billion in loans as of Dec. 21 last year.

“MPL Flex stands out in the market today for offering the lowest interest rate at 6 percent and the most flexible payment terms available for our government employees,” Veloso said.

Veloso said that borrowers have the option to utilize the loan's benefits for their investments in personal expenses, essential home purchases, and business startups.

“They can use their loan proceeds as seed capital for small businesses, creating an additional source of income,” GSIS chief suggested.

Furthermore, Veloso also noted in September, that the program aligns itself with DepEd's MATATAG program for teachers, which aims to alleviate the congestion from the K to 12 curriculum.

 GSIS members can borrow up to 14 times their basic monthly salary, given that the maximum limit will be P5 million.

To encourage members to consider the flex program, the insurance system awarded 200 members a total of P1 million through the raffle method.

This was available to those who applied via the GSIS Touch App and GSIS Wireless Automated Processing System (GW@PS).

Those who wish to avail must be active within the state pension fund, not have any unpaid leave, and must pay at least one month of premium.

Moreover, the net take-home pay after being deducted from the monthly obligations must be at a minimum of P5,000, as per the General Appropriations Act (GAA).

Related Tags

GSIS loan Government Service Insurance System Wick Veloso GSIS
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