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Manila Bulletin devider Business devider Banking & Finance devider GSIS offers new loan restructuring for gov't employees

GSIS offers new loan restructuring for gov't employees

Published May 30, 2025 03:40 pm

State-run Government Service Insurance System (GSIS) is offering government workers a chance to escape high-interest loans through its enhanced Ginhawa Max Loan Buyout program, which directly addresses the financial struggles many public servants face.

In a statement, Wick Veloso, GSIS president and general manager, said the Ginhawa Max Loan Buyout allows qualified government employees to consolidate and settle their existing high-interest loans from other lenders.

 Through GSIS, borrowers can access interest rates as low as six percent annually. Members have the opportunity to borrow up to ₱5 million or 19 times their monthly salary, whichever is lower, with repayment terms extending up to 10 years and no service fees applied. 

Veloso said this program aims to provide a pathway to financial stability for government workers burdened by predatory lending practices.

"We want to help public servants break free from the bondage of indebtedness and take confident steps toward financial security,” Veloso said.

"Our priority is to extend timely financial support and affordable repayment options to more government workers,” he added.

To streamline the application process, GSIS now requires only a Letter of Intent (LOI) from agency heads or their representatives for their staff to apply. This replaces the previous requirement of a Memorandum of Agreement (MOA), simplifying access to the program based on feedback from GSIS members.

Veloso noted that these improvements highlight GSIS's dedication to offering flexible financial options to its members. He added that the Ginhawa Max Loan Buyout is part of the GSIS Ginhawa Series, which also includes Ginhawa Flex and Ginhawa Lite.

Government employees interested in applying can schedule appointments using the GSIS Touch mobile app. They need to prepare their most recent payslip and documentation for the loans they intend to buy out or consolidate.

Eligibility criteria include having at least one posted premium payment within the last six months, no existing Multi-Purpose Loan (MPL) or defaulted GSIS Financial Assistance Loans, no pending administrative or criminal cases, and meeting the net take-home pay requirements as stipulated in the General Appropriations Act.

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Government Service Insurance System (GSIS) Ginhawa Max Loan Buyout program
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