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Manila Bulletin devider devider DepEd personnel avail of debt-consolidation loan from GSIS

DepEd personnel avail of debt-consolidation loan from GSIS

Published Jan 18, 2019 02:59 pm
By Merlina Hernando-Malipot Over 36,000 personnel of the Department of Education (DepEd) continue to benefit from the PhP13 Billion loan program by the Government Service Insurance System (GSIS). Issuing a statement, the State pension fund said it has released a total of PhP12.95 billion in GSIS Financial Assistance Loan (GFAL) since the program started in May 2018. The said program has been benefiting 36,692 personnel of the DepEd. “The combined nationwide figures posted in GFAL’s first six months of implementation signify positive acceptance by our members in DepEd,” said GSIS President and General Manager Jesus Clint Aranas. “We continue to encourage qualified DepEd employees to avail of GFAL to ease their burden in paying their loans,” he added. The GFAL is a “debt-consolidation and balance-transfer facility that seeks to help DepEd workers in settling their outstanding loan balance with accredited private lending institutions (PLIs).” DepEd employees constitute more than half of GSIS’s total membership. Under the voluntary loan program, borrowers may apply for a maximum loan amount of PhP500,000.00, which is automatically deductible from their salary and payable in equal monthly installments for six years at a reduced interest rate of 6 percent per annum computed in advance. In order to qualify for GFAL, the applicant must be a permanent DepEd employee and active GSIS member; have an outstanding loan with PLIs; have no due and demandable loan account with GSIS; have paid premiums for at least three years; not be on leave without pay; have a net take-home pay of not lower than PhP5,000.00 after deduction of monthly obligations; and have no pending administrative or criminal case.
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