GSIS Offers New Loan Scheme To Gov’t Workers

GSIS Offers New Loan Scheme To Gov’t Workers

Spotlight

GSIS To Launch Two Mobile Apps This October

Mas madali mo nang ma-access ang iyong GSIS account gamit ang bagong mobile application nito!

Halloween @ Home: Recreate The Chills And Thrills With Globe At Home

End the Spooktober in a spooktacular way with Globe At Home!

Phoenix Introduces New FamilyMart Retail Format Through Cebu Stores

FamilyMart opens three new compact stores in Cebu, offering a unique customer experience in response to the effects of the COVID-19 pandemic.

Globe Introduces Mobile Health Solution With GoHealth

For just P20, you can now enjoy up to P,1000 health insurance from Pacific Cross!

Permanent government employees, with outstanding loan obligations with lending institutions may wish to avail of a one-time loan balance-transfer and debt-consolidation program of the state pension fund, the Government Service Insurance System (GSIS).

In a press conference held at the Java Hotel in this city on Friday, Lord A. Bico, manager of the Laoag branch office, said at least nine local government units and one national government agency in the provinces of Ilocos Norte and Ilocos Sur have signed a memorandum of agreement to enable their employees to enjoy a lower interest rate of 6 percent per annum and longer repayment of six years.

These were the towns of Pagudpud, Pasuquin, Dingras, Vintar, and Burgos in Ilocos Norte and the towns of San Emilio, Banayoyo, Lidlidda, Sta. Catalina in Ilocos Sur, and the Department of Agrarian Reform (DAR).

The GSIS Financial Assistance Loan (GFAL) 1 was originally offered to teaching and non-teaching personnel of the Department of Education but it was extended to other GSIS members effective last July 27.

Bico explained that the expanded GFAL program, named GFAL 2, seeks to ease the burden of other government personnel and help enhance the pension fund’s collection efficiency.

Under GFAL 2, borrowers may transfer their loan balances to GSIS from other lending institutions. A qualified applicant may avail of a maximum loan of PHP500,000, with an interest rate of only 6 percent per annum.

“With a lower interest rate compared to other lending institutions, this will ultimately result in higher net take-home pay and protect their future retirement benefit,” said Salvacion P. Mate, Senior Vice President for the Luzon Group.

“(The) GFAL is in response to the call of President (Rodrigo) Duterte for us to get rid of loan sharks by helping government employees settle their debts with double-digit interest rates,” Mate added.

To reach out to more Ilocanos, the GSIS conducted a stakeholders’ forum on Friday to explain the different benefits of the program.

This year, GFAL’s features were further improved by introducing a Top-Up option, which would enable borrowers to maximize the loanable amount of PHP500,000. GFAL borrowers whose outstanding loans with lending institutions do not exceed PHP500,000 may apply for the remaining available credit as Top-Up Loan.

Unlike the GFAL proceeds, which the GSIS pays directly to lending institutions, the Top-Up Loan proceeds will be released to the member for a minimum of five days once he or she complies with the requirements.

To qualify for GFAL, applicants must be permanent government employees with an outstanding loan from lending institutions, government banks, or cooperatives accredited or recognized by their agency; have at least three years of periods with paid premiums; and have no due and demandable loan account with GSIS.

In addition, they should not be on leave without pay at the time of application; have a net take-home pay of not lower than PHP5,000 after deduction of monthly obligations; and have no pending administrative case or criminal charge. Of the total PHP70 billion budget for this program nationwide, Ilocos Norte has been allotted PHP1.1 billion.

So far, more than 200 active GSIS members in the province have availed of the program.

The GSIS is calling on all qualified government workers to take advantage of the GFAL and make sure to attend a financial literacy seminar, which is a requirement prior to loan processing. (PNA)

Comelec: Voters For 2022 Polls Estimated At 62-63M

Isa ka ba sa bilang na ito? Kung hindi pa, magparehistro na para makaboto sa 2022!

Lenovo Offers With New Yoga Devices, Free Limited Edition Herschel Items

Check out the stylish looks of the Herschel Holiday Collection with Lenovo!

Leyte Eco-Tourism Community Uses Pandemic To Upgrade

Ayon sa tagapamahala ng Mahagnao Natural Park and Volcano, nagbigay daan ang pandemic upang mas mapaganda at maisaayos ang mga facility at mga serbisyo nito.

GSIS Offers Computer Loan For Members

GSIS, ilulunsad ang Computer Loan Program upang matulungan ang mga miyembro nito at kanilang pamilya sa pagbili ng computer o laptop na gagamitin para sa kanilang mga trabaho o virtual classes ng kanilang mga anak.

Morissette, Jason, And Kikx To Drop Midnite Remix Of ‘Diyan Ba Sa Langit’

Morisette and Jason Dy drop a song for the departed loved ones, in time for the All Souls' Day.

Gatchalian Seeks To Increase Centers Of Excellence For Teacher Education

Senator Win Gatchalian is eyeing more centers of excellence that will boost the quality of education and training for the country's aspiring teachers.

Voting For MAMA 2020 Is Now Open

What you waiting for?! If you really, really love them, support them by casting your vote today!

Manila North Cemetery Now Padlocked For ‘Undas’

The Manila Police District and the management of the Manila North Cemetery have padlocked the cemetery starting 5 p.m. Wednesday, in compliance with government order on the closure of cemeteries, columbariums and memorial parks during "Undas."

46K Antique Household Heads, Members Pre-Registered For Nat’l ID

PSA, nakapag pre-register ng 46,000 katao sa Antique para sa application ng National ID.

Palace Congratulates Miss Universe Philippines 2020

ROQUE: “Nag-align ang mga bituin para siya ang iproklamang pinakatatanging Pilipina sa buong Universe."