GSIS disburses ₱110 B under GFAL

State-run Government Service Insurance System (GSIS) said it has disbursed ₱110 billion in financial assistance loans for over three-years, benefitting more than 271,000 government workers. Rolando Ledesma Macasaet, GSIS president and general manager, said that even during the strict community quarantine last year, the pension fund continued to release ₱37 billion covering 89,947 member borrowers under the GSIS Financial Assistance Loan (GFAL) program. To help further GSIS members, Macasaet also said the pension fund has extended the GFAL program until the end of 2021. Under GFAL, GSIS members can transfer their outstanding loans from other lending institutions and consolidate them. “GSIS members will benefit from reduced monthly amortization, lower interest rate of six percent per annum and longer payment term of six years,” Macasaet said. “They will also enjoy higher take-home pay and their retirement benefits will be protected from loan deductions while helping GSIS improve its loan collection efficiency,” he added. Aside from paying out the debts of members with other lending institutions, GFAL has the top-up loan feature that allows members to borrow the remaining loan amount for their personal needs. "If a member's GFAL loan, for instance is ₱300,000, he or she may borrow the remaining ₱200,000 under the Top-Up Loan,” Macasaet said. (Chino S. Leyco)