The flagship loan program of the Government Service Insurance System (GSIS) lent P208.17 billion to 790,514 members in just one year.
The Multi-Purpose Loan Flex (MPL Flex) was launched in September 2023 and since then, it blazed a consistent trail of record loan disbursements to GSIS members.
It said the MPL Flex program is designed to provide government employees with flexible financial solution which offers the lowest interest rate in the market at 6 percent with repayment terms up to 15 years. Members can borrow up to 14 times their basic monthly salary up to a maximum loan limit of P5 million.
“Loan proceeds can be used as seed capital for small businesses, providing an additional stream of income. I encourage our members to maximize the benefits of MPL Flex for personal and investment purposes,” GSIS president and general manager Jose Arnulfo Veloso said.
Eligible members include active and special GSIS members who are not on leave without pay and have made at least one-month premium payment. They should also meet the General Appropriations Act requirement of a net take-home pay of at least P5,000 after all deductions have been made.
Members may apply through the GSIS Touch mobile app or the GSIS Wireless Automated Processing System (GWAPS) kiosks for a quick and paperless process. Approved loans are credited to the members’ e-Card account within a day after approval of the Authorized Agency Officer of the borrower’s agency.
The GSIS also announced that members who borrowed under the MPL Flex program through the GSIS Touch or GWAPS, but were not selected in last year’s raffle would have another chance to win this year in the “GSIS Touch and Win” raffle. A total of P1.5 million will be awarded, with 300 lucky winners receiving P5,000 each.
“This unprecedented milestone of MPL Flex’s first anniversary only strengthens the GSIS mandate to continue to provide accessible loans to our members. The MPL Flex Loan Program is a vital resource in helping them achieve their financial goals while ensuring overall well-being,” Veloso said.
