GSIS provided P151-B loans to over 1 million members and retirees in 2021 – Manila Bulletin
A total of 151 billion pesos in loans were granted by the Government Services Assurance System (GSIS) to more than one million members and retirees in 2021, GSIS President and CEO Rolando L has revealed. Macasaet.
Macasaet noted that this is a 4% increase from the previous year’s total of 145 billion pesos.
“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,” he said in a statement, adding that GSIS continues to improve its policies and programs. through the comments and contributions of its members.
Of this total amount, Macasaet said 106 billion pesos was under GFAL Multipurpose Loans (MPL).
“The loan is intended to help active members, especially those who have reached their borrowing limit and [are] unable to repay their loans. It consolidates members’ existing loans, with the exception of home loans and policies, and waives surcharges on defaulted accounts.
According to GSIS, members can apply for up to 14 times their basic monthly salary, but not to exceed 3 million pesos through GFAL MPL.
GSIS has announced that it will launch GFAL GSIS MPL Plus this month. It is an improved version of its current MPL program.
“Under the lending window, GSIS will increase the credit limit to P5 million; extending the maximum payment period to 10 years; and relaxing borrower eligibility requirements.
In addition, the state pension fund released 27 billion pesos to 62,974 beneficiaries of the GSIS financial assistance loan, through which members were able to borrow up to 500,000 pesos, consolidate their loans from institutions credit institutions from their branches and transfer the remaining balance to GSIS.
Under the GFAL computer loan program, GSIS said it has disbursed more than 7 billion pesos in gross proceeds, benefiting more than 230,205 borrowers. The GFAL Computer Loan is a loan window that grants P30,000 assistance to GSIS members to purchase a computer unit for their work from home or their children’s online lessons.
The state pension fund also granted 6 billion pesos to 269,440 regular and optional borrowers; 1 billion pesos to 38,980 GFAL emergency loan borrowers; and 89 million pesos to 2,035 members through Ginhawa’s educational loan program.
Meanwhile, for retirees, 3.03 billion pesos and 96 million pesos were released in the form of GFAL enhanced pension loan (38,144) and emergency loan for retirees (4,415), respectively .
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