Malacañang Palace- Last April 16, President Rodrigo Duterte witnessed the signing of Project of the Government Service Insurance System or GSIS. The said project is to facilitate the payment of loans of teachers including the DepEd personnel from private lending institutions through buy out.
The agreement was signed at Malacañang Palace with the GSIS President and General Manager Jesus Clint Aranas and DepEd Secretary Leonor Briones.
“We don’t want the DepEd employees to sink deep into debt, so we have proposed a better way for them to manage their finances. The borrowers will pay back the loan to GSIS at easy and affordable terms,” Aranas said.
If you are an active member and permanent employee with an outstanding loan from the DepEd-accredited private lending institution you can apply for the GFAL or GSIS Financial Assistance Loan; have paid premiums for the last 3 years, not on leave of absence, have no due and demandable GSIS loan and have no pending administrative case.
Those members who have a case filed by the private lending institution are still eligible to apply for GSIS Financial Assistance Loan or GFAL.
GSIS member’s loanable amount is up to Php500,000.00 provided that the borrower’s take-home pay will not go lower than Php5,000.00 after the deduction and it is payable for 6 years at 6 percent interest rate per annum computed in advance.
The application form and requirements will be available to DepEd agencies this May 2018.