GSIS releases P70.5 billion for enhanced loan program
MANILA, Philippines — The Government Service Insurance System (GSIS) has released P70.5 billion in loans under its enhanced lending program for state workers.
In a statement, GSIS president and general manager Wick Veloso said the pension fund for state workers has so far lent P70.5 billion since the launch of its Multipurpose Loan (MPL) Flex in September.
The loans benefited some 258,000 government borrowers as of Dec.21 last year.
The MPL Flex stands out in the market for offering an interest rate of six percent and a longer and more flexible payment period, ranging from one to 15 years.
It also allows government employees who have served for only one month to apply. State workers can borrow up to 14 times their basic monthly salary, with a maximum limit of P5 million.
Veloso encouraged GSIS members to leverage MPL Flex’s benefits for various personal and investment purposes, including home purchases and business startups.
“They can use their loan proceeds as seed capital for small businesses, creating an additional source of income,” Veloso said.
Eligible for the program are active and special GSIS members who are not on unpaid leave and have made at least one month’s premium payment.
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