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Manila Bulletin devider Business devider GSIS shatters records with P289 billion in loans for gov't workers

GSIS shatters records with P289 billion in loans for gov't workers

Published Jan 12, 2025 10:33 pm

State-owned Government Service Insurance System (GSIS) reported record loan disbursements totaling P289 billion last year, providing financial support to over 1.2 million government employees.

In a statement, Wick Veloso, GSIS president and general manager, said the strong loan releases were driven by the success of the pension fund’s Multi-Purpose Loan (MPL) programs, particularly the MPL Flex initiative.

Since its launch in September 2023, the MPL Flex program alone has disbursed P282 billion to nearly 1.05 million members, marking a 35.5 percent increase from P208.17 billion in its first year.

Additionally, MPL Lite provided P7.2 billion in loans to 197,675 members.

"The rapid growth of MPL Flex in less than two years demonstrates both the program's effectiveness and the significant demand for flexible financial solutions among our members,” Veloso said.

The MPL Flex program offers loans of up to 14 times a member's monthly base pay, with a maximum limit of P5 million. It features a six percent annual interest rate and flexible repayment terms of up to 15 years.

Veloso noted that the success of MPL Flex highlights GSIS' commitment to providing accessible financial solutions that meet the diverse needs of its members.

"The program enables our members to diversify their investments while managing their families' needs," he said.

GSIS has also made strides in digital transformation, enabling members to apply for loans, track applications, and manage their accounts online through the GSIS Touch mobile app.

Veloso said this has streamlined the loan process, with approved loans credited to members' e-Card accounts within 24 hours after agency approval.

The institution's strong financial standing supporeds the robust performance of GSIS' loan programs.

As of the third quarter of 2024, GSIS recorded total assets of P1.8 trillion, an eight percent increase, and a net income from operations of P120 billion, a 58 percent jump.

Overall revenues reached P258 billion, a 27 percent rise from the previous year.

"Our strong financial performance strengthens our capacity to serve our members through accessible loan programs while securing the long-term sustainability of their benefits," Veloso said.

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Government Service Insurance System Wick Veloso GSIS President and General manager
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