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Manila Bulletin devider Business devider Banking & Finance devider Gov't employees can now borrow up to ₱50,000 via mobile app

Gov't employees can now borrow up to ₱50,000 via mobile app

Published Feb 19, 2026 05:33 pm
GSIS President and General Manager Jose Arnulfo “Wick” Veloso (left) and Finance Secretary and GSIS Board Chair Frederick D. Go (right) discuss the launch of the Ginhawa Go microloan program during a press conference. The new initiative offers government employees credit of up to ₱50,000 at a market-leading 6% interest rate to combat predatory lending. (Photo by Derco Rosal)
GSIS President and General Manager Jose Arnulfo “Wick” Veloso (left) and Finance Secretary and GSIS Board Chair Frederick D. Go (right) discuss the launch of the Ginhawa Go microloan program during a press conference. The new initiative offers government employees credit of up to ₱50,000 at a market-leading 6% interest rate to combat predatory lending. (Photo by Derco Rosal)
State-run Government Service Insurance System (GSIS) introduced a microloan program to bolster its credit portfolio and provide public sector workers with an alternative to informal lenders.
The pension fund for state employees said the program, dubbed Ginhawa Go, allows qualified members to borrow between ₱1,000 and ₱50,000.
The launch follows a period of steady financial growth for the state-run insurer, which reported a 1.7 percent increase in net income to ₱138 billion in 2025 from ₱135.7 billion the previous year.
Total assets for the institution have now approached the ₱2 trillion mark, rising from ₱1.83 trillion, as gross revenue reached ₱344 billion.
GSIS President and General Manager Jose Arnulfo “Wick” Veloso said during the microloan launch that the product aims to reduce reliance on informal, predatory lending. Qualified members can borrow ₱1,000 to ₱50,000.
Finance Secretary Frederick D. Go also said the program offers a reliable alternative to high-interest lending, strengthening the financial security of public employees and supporting their overall welfare.
Short-term loans of up to ₱4,000 can be repaid within 30, 60, or 90 days, while larger loans from ₱5,000 to ₱50,000 have repayment terms of three to 24 months.
Interest rates range from six to seven percent per annum, computed in advance, with limits and rates determined by membership type and length of paid contributions.
Veloso asserted that the rate of at least six percent per annum is currently the lowest in the market, addressing concerns that it remains elevated despite the widely anticipated cut of the benchmark rate to 4.25 percent by the Bangko Sentral ng Pilipinas (BSP).
“[Six percent] is currently the lowest rate in the market. We are still studying how we can offer even more convenient rates for them, but for now, it remains the market’s lowest,” Veloso told reporters on the sidelines of the launch.
Further, the program includes loan redemption insurance (LRI), which clears the borrower’s debt in the event of death, and uses mandatory payroll deductions to ensure timely repayment.
Applications are processed exclusively through GSIS Touch, with proceeds credited directly to the member’s GSIS eCard or ATM account.
This program complements similar initiatives by the Social Security System (SSS) for private-sector workers, reflecting the government’s push for inclusive growth, financial protection, and household resilience.
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