State-run pension fund Government Service Insurance System said Tuesday it disbursed a record P110 billion under the GSIS Financial Assistance Loan program since its launch in May 2018, a top executive said Tuesday.
GSIS president and general manager Rolando Ledesma Macasaet said more than 271,000 government employees benefitted from the loans. He said the program would be extended until Dec. 29, 2021.
“Last 2020, despite the pandemic and suspension of GFAL for six months, GSIS was able to release P37 billion that benefited 89,947 members. And because we want more of our members to have better life, we will extend GFAL until the end of 2021,” Macasaet said.
The fund said that by transferring their loans from other lending institutions and consolidating these under GFAL, members would benefit from reduced monthly amortization, lower interest rate of 6 percent per annum and longer payment term of six years.