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GSIS: Over P200 billion in MPL Flex loans disbursed

Business

GSIS: Over P200 billion in MPL Flex loans disbursed

By Gabriell Christel Galang

State-run Government Service Insurance System (GSIS) said that its Multi-Purpose Loan Flex (MPL Flex) program has provided over P208 billion in loans to nearly 800,000 members within a year of its launch.

Introduced in September 2023, the MPL Flex offers government employees a flexible loan option with a 15-year repayment period and a six percent interest rate.

Wick Veloso, GSIS president and general manager, said the loan can be used for various purposes, including personal expenses and investments, such as starting a small business.

“The MPL Flex Loan Program is a vital resource in helping them achieve their financial goals while ensuring overall well-being,” Veloso said in a statement.

The MPL Flex program also allows applicants to borrow up to 14 times their basic monthly salary up to a maximum limit of P5 million.

The GSIS explained that those who wish to apply must not be on leave without pay and has at least paid one-month of their premium.\

Qualified members must also meet the requirement of the General Appropriations Act (GAA), which stated that the net take-home pay must be at least P5,000 after being deducted.

Those who wish to inquire may apply through the state pension fund’s mobile app or the GSIS Wireless Automated Processing System (GWAPS) kiosks.

“Approved loans are credited to the members’ e-Card account within a day after approval of the Authorized Agency Officer of the borrower’s agency,” the GSIS added.

Related Tags

Government Service Insurance System GSIS MPL

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