TARLAC CITY, Sept.20 (PIA) — Government Service Insurance System (GSIS) inked Thursday a Memorandum of Agreement (MOA) with six local government units and a local water district for the implementation of a PhP256 million loan facility for government employees under the GSIS Financial Assistance Loan (GFAL) program.
Signatories include the provincial government of Tarlac; the municipal governments of Anao, La Paz, Mayantoc, San Clemente and Camiling; and Camiling Water District.
“GFAL is in response to President Duterte’s call to free government employees from unscrupulous lending institutions or loan sharks which offer 5-6 schemes with double digit interest rates,” GSIS Chairperson, Acting President and General Manager Rolando Ledesma Macasaet said.
“Under GFAL, qualified members may apply for a maximum loan amount of PhP500,000. Those whose outstanding loans with lending institutions do not exceed PhP500,000 may opt to borrow the remaining amount through the Top-Up Loan, with the proceeds directly released to the member,” he added.
To date, about 400 government agencies have already entered into GFAL agreement with GSIS.
As of September 17, GSIS has disbursed over PhP33.03 billion in GFAL, benefitting 87,802 members. (CLJD-PIA 3)