The Government Service Insurance System (GSIS) Davao branch covering the city of Davao, Island Garden City of Samal, Davao del Sur and Davao Occidental is helping some 2,500 members free from their indebtedness from banks and other financial institutions, including government banks.
GSIS Davao Branch head Deity U. Manampan said that the government insurance system initially intended to rescue from their indebtedness some 40,000 members but that only 2,500 members are qualified since they are the only ones who borrowed money from various sources.
“We only have around 2,500 out of 40,000 na target ang nag avail as of July 25 (in Davao City),” said Manampan.
The Davao branch head said each qualified member can borrow from GSIS up to half a million pesos.
The first GSIS Financial Assistance Loan (GFAL I) was launched last May 2018, which aimed to help both teaching and non-teaching staff of the Department of Education regarding their loan problems with private (duly-accredited) lending institutions.|
Today, the financial assistance loan, now called GFAL II, is extended to all other government employees of the country. The financial assistance may be availed for the purpose of settling the outstanding obligations not just with private lending institutions but with government lending institutions as well.
Manampan said that the maximum loanable amount is P500,000 payable in six years or 72 months at an interest rate of six percent annually.
Applicant must be active regular member of the GSIS with permanent status and paid premiums for the last three years, has no pending administrative case and/or criminal charge, is not on leave without pay, has an outstanding loan from accredited lending institution, and has no due and demandable loan account/s with the GSIS.
Add-ons are also available for all approved applicants. Add-ons include GSIS Educational Subsidy Program (GESP) and Top Up Option.
GSIS Davao will be open every Saturday for the whole month of August 2019. (DSV)