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Monday, July 15, 2024

GSIS eyes ‘no down’ housing plan

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THE Government Service Insurance System (GSIS) on Wednesday said it is planning to roll out a “no down payment” housing program for government employees.

“We are putting together a housing program for government employees, and this is something that will be a game changer because there’s no down payment that we’re going to ask from them,” Arnulfo Veloso, GSIS president, said in an interview with ANC.

“We’re also coming up with pabahay (housing) in our government or GSIS properties, one is in Fairview, and the other one is in Cogeo,” he added.

Veloso said the GSIS already distributed nearly 900 titles through its lease with an option to buy program.

He added that the GSIS is in talks with other government agencies to offer medical insurance for their workers.

Veloso also said that they will further enhance the agency’s Multi-Purpose Loan (MPL) Flex, which provides a 6 percent interest rate and a more extended, flexible payment period ranging from one to 15 years.

As of Dec. 21, GSIS has disbursed more than P705 billion since the loan program launched in October 2020. The granting of MPL loans steadily increased in 2022 after the closure of the GSIS Financial Assistance Loan Program and the extension of the payment term to 10 years.

Veloso also expressed optimism about a “stronger” 2024.

For 2023, Veloso said GSIS net income will hit more than P100 billion.

“We’re optimistic [that we will] finish [with] more than P100 billion this year,” he said.

From January to October, GSIS posted a net income of P80 billion, up 117 percent from the same period in 2022.

As of end-October 2023, GSIS had total assets of P1.6 trillion, a 4.4 percent increase compared to the same period in 2022.

The GSIS has two million members and about 600,000 pensioners.

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