THE Government Service Insurance System (GSIS) has released a total of P4.1 billion in loans to some 60,000 government workers and pensioners nationwide as of April 30.
This was reported Monday by Rolando Ledesma Macasaet, president and general manager of the state pension fund.
While most parts of the country are still in enhanced community quarantine (ECQ), GSIS was able to disburse P3.48 billion in various loans (conso-loan, policy loan and pension loan) to a total of 25,198 GSIS members and pensioners nationwide between the period March 27 and April 30.
In addition to these regular loan programs, the state pension fund opened the coronavirus disease 2019 (Covid-19) emergency loan program to its 2.1 million members and pensioners last April 13.
“I am very proud to say that in just 17 days, from April 13 to April 30, GSIS has granted PHP664 million in emergency loan to some 33,000 borrowers nationwide,” Macasaet said.
Earlier this month, this loan program was enhanced to make it more responsive to the needs of GSIS members and pensioners.
Under the enhanced program, Macasaet said members who have in-default loan accounts with arrears of more than six months are now allowed to renew their emergency loan.
“We have also reduced the paid premium requirement from six months to only three months,” he said. “However, since this is the first time for GSIS to offer the emergency loan on a national scale, there may be some delays due to systems maintenance activities. I am grateful for the patience and understanding of our stakeholders during this time.”
Considering that systems enhancements are still in progress, members and pensioners whose emergency loans were renewed and granted from April 13 to 30 may renew their loans starting 11 May 2020. (PR)
Receive email updates from Business Week.