State-run Government Service Insurance System said Thursday it released P221 billion in loans to 1.38 million active members and pensioners nationwide from January 2021 to May 15, 2022.
It said of the amount, P165 billion were multi-purpose loans that benefitted 468,872 borrowers. The loans aim to help active members, particularly those who reached their borrowing limit and were unable to pay their loans. MPL consolidates members’ existing loans and waives surcharges on in-default loan accounts.
GSIS launched in April this year the enhanced MPL program called MPL Plus. Under the program, members may apply for up to 14 times their basic monthly salary, but not exceeding P5 million, depending on premium payments. The loan has a low interest rate of 7 percent, with its term extended up to 10 years.
Under the Computer Loan program, GSIS disbursed P7.6 billion in gross proceeds to 253,481 borrowers. It is a loan window that grants P30,000 assistance to GSIS members for the purchase of a computer unit for their work-from-home arrangement or their children’s online classes. The computer loan is payable in three years with 6-percent annual interest.