GSIS loans up to 151 billion pesos in 2021

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The GSIS complex in Pasay City. (Photo from GSIS Facebook account)

MANILA, Philippines – The Government Services Assurance System (GSIS) last year provided 151 billion pesos in loans to its members and retirees amid difficult times brought on by the prolonged COVID-19 pandemic.

In a statement, GSIS said its loan disbursements in 2021 increased by 4% from 145 billion pesos in 2020.

The state pension fund for civil servants said more than a million working and retired members borrowed from GSIS last year.

“Through our various ‘ginhawa for all’ (GFAL) loan programs, GSIS has extended its financial assistance at a time when our members and retirees were in dire need of assistance,” said GSIS President and CEO. , Rolando Macasaet.

The bulk of GSIS loans disbursed last year, amounting to 106 billion pesos, were multi-purpose loans (MPLs) from GFAL for active members who had maxed out their borrowing limit but were unable to to repay their outstanding obligations. “It consolidates members’ existing loans, with the exception of home loans and policies, and waives surcharges on defaulted accounts. Through GFAL MPL, members can apply for up to 14 times their basic monthly salary, but not to exceed 3 million pesos. It has a low interest rate of 7% or 8%, depending on members’ premium payments,” GSIS said.

GSIS has announced that it will launch an upgraded version of its most popular loan program this month, to be called “GFAL MPL Plus”, under which the credit limit will be increased to 5 million pesos while also extending the maximum payment period to 10 years. relaxing the eligibility conditions for borrowers.

Also in 2021, GSIS released 27 billion pesos to 62,974 borrowers under its financial assistance loan; plus 7 billion pesos in computer loans to 230,205 borrowers who needed computers to work from home or for their children’s online lessons amid the pandemic. “GSIS intends to expand the implementation of this [computer loan] program this year,” he said.

Other loans provided by GSIS to its members last year included P6 billion to 269,440 regular and voluntary borrowers; 1 billion pesos to 38,980 GFAL emergency loan borrowers; as well as P89 million under the Ginhawa Educational Loan Scheme to 2,035 borrowers.

Regarding retirees, GSIS approved 3.03 billion pesos in GFAL enhanced retirement loan to 38,144 borrowers, in addition to 96 million pesos in emergency loan for retirees to 4,415 borrowers.

“GSIS has made loan transactions safer and more convenient for its members and retirees by making them accessible through online channels such as the kiosks of the GSIS Wireless Automated Processing System (Gwaps), the GSIS electronic member in line (eGSISMO) and the new improved GSIS. Touch the mobile app. Loan proceeds are directly credited to the borrower’s GSIS e-card or Unified Multipurpose Identification (Umid),” he said.

“Our members can settle their underpaid or unpaid loans through 2,836 active Bayad outlets nationwide and online through UnionBank of the Philippines and Land Bank of the Philippines (Landbank) payment facilities. Very soon there will be other payment solution providers to provide more alternative online collection channels,” Macasaet said.

/MUF

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