State pension fund Government Service Insurance System disbursed P151 billion in loans to more than one million members and pensioners in 2021, up by 4 percent from P145 billion in 2020.
“Through our various Ginhawa for All loan programs, GSIS has extended financial assistance at a time when our members and pensioners were in dire need of help,” GSIS president and general manager Rolando Ledesma Macasaet said.
GSIS said of the total amount granted, P106 billion was under GFAL multipurpose loans. The loan aims to help active members, particularly those who reached their borrowing limit and unable to pay their loans.
It consolidates the existing loans of members, except housing and policy loans, and waives surcharges on in-default accounts. Through GFAL MPL, members may apply for up to 14 times their basic monthly salary but not to exceed P3 million. It has a low interest rate of 7 percent or 8 percent depending on members’ premium payments.