MANILA, Philippines - The Government Service Insurance System (GSIS), the state-run pension fund for public sector employees, said it has released P1.12 billion in cash advances to 112,221 members whose Record of Creditable Service (RCS) is at least five years and whose UMID-compliant eCard has already been activated.
In its announcement, GSIS said this is the third time it has offered such loan window to members, which is in tandem with the replacement of the old eCard Plus to the now UMID-compliant eCard.
GSIS said members can avail of the new cash advance, called eCAT, and pay this in three years. It has an effective interest rate of 12 percent based on a diminishing balance.
Data from the Loans and eServices Department of the GSIS showed that to date, a total of 112,221 applications have been approved since the eCAT was offered to members in June.
Only members whose RCS is at least five years and whose UMID-compliant eCards has already been activated can avail of the loan program. RCS refers to the service periods with corresponding premium contributions and serves as basis for computing benefits.
All those qualified for the cash advance can apply via any UMID-compliant GW@PS kiosk located in all GSIS offices nationwide, the agency also said.
The UMID-compliant GW@PS kiosk facilitates online application of loans (consolidated loan, policy loan, emergency loan, pension loan and cash advance), making loan processing faster and more efficient.
Proceeds of the eCAT are credited directly to the member’s UMID-compliant eCard which also serves as an ATM card, the GSIS said. The loaned amount can be withdrawn in any Megalink, Bancnet or Expressnet ATMs nationwide, it added.