MANILA -- State pension fund Government Service Insurance System (GSIS) has released a total of PhP12.95 billion in GSIS Financial Assistance Loan (GFAL) since the program started in May 2018, benefiting 36,692 personnel of the Department of Education (DepEd).
“The combined nationwide figures posted in GFAL’s first six months of implementation signify positive acceptance by our members in DepEd. We continue to encourage qualified DepEd employees to avail of GFAL to ease their burden in paying their loans,” GSIS President and General Manager Jesus Clint Aranas said.
GFAL is a debt-consolidation and balance-transfer facility that seeks to help DepEd workers in settling their outstanding loan balance with accredited private lending institutions (PLIs). DepEd employees constitute more than half of GSIS’s total membership.
Under the voluntary loan program, borrowers may apply for a maximum loan amount of PHP500,000.00, which is automatically deductible from their salary and payable in equal monthly installments for six years at a reduced interest rate of 6 percent per annum, computed in advance.
To qualify for GFAL, the applicant must be a permanent DepEd employee and active GSIS member; have an outstanding loan with PLIs; have no due and demandable loan account with GSIS; have paid premiums for at least three years; not be on leave without pay; have a net take-home pay of not lower than PHP5,000.00 after deduction of monthly obligations; and have no pending administrative or criminal case.
Interested parties who have inquiries may visit the GSIS website (www.gsis.gov.ph) or Facebook account (@gsis.ph); email [email protected]; or call the GSIS Contact Center at 847-4747, 1-800-8-847-4747 (for Globe and TM subscribers), or 1-800-10-847-4747 (for Smart, Sun, and Talk ‘n Text subscribers). (PR)
