By Christine Fabro
The Government Service Insurance System (GSIS) released some ₱208 billion in net loan proceeds to over one million state workers and pensioners from 2019 to present.
According to GSIS President and General Manager Rolando Macasaet, the multiplier effect of loans in the communities have effectively “pump-primed the economy in far-flung areas” as financial institutions have tightened and were hesitant to grant credit.
The Philippine Information Agency (PIA) also reported that Macasaet said GSIS has made it safer and more convenient for its members and pensioners to transact with the pension fund “through technology-driven initiatives”.
These include Online APIR, G-TOUCH mobile app and Bayad Center partnership.
Macasaet said that of the ₱208 billion, more than ₱108 billion was disbursed to nearly 292,000 members under the GSIS Financial Assistance Loan (GFAL), and over ₱16 billion to 256,537 individuals who availed of the Multipurpose Loan (MPL).
Some ₱17 billion was allotted in emergency loans to 902,696 members and over ₱5 billion allocated in computer loans to 171,208 borrowers.
The other ₱20.42 million to 655 members through the GFAL Educational Loan program while ₱50 million was distributed to 5,025 college students under the ₱10,000 per year Educational Subsidy Program (GESP).
“Despite the many uncertainties and limitations brought about by the COVID pandemic, we have not wavered in our service commitment,” Macasaet said. – rir
