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More than 1.6M GSIS members, pensioners availed of loans in 2010

Nearly 1.7 million members and pensioners of the Government Service Insurance System received financial assistance from the pension fund in 2010 which amounted to P109.45 billion.

The total amount represents a two-fold increase over the P52.77 billion level in 2009.

The GSIS disbursed P94.19 billion in Consoloan; P8.30 billion in Policy loans (regular and optional); P114.6 million in Emergency loan; and P1.86 billion in pension loan last year.

The pension fund also granted P4.97 billion in one-time cash advance for its eCard holders through the eCard Plus and the UMID-compliant eCard.

The GSIS more than doubled its loan disbursements last year because of the higher number of members who availed themselves of these various loans, from 873,000 in 2009 to 1,683,963 last year.

Robert Vergara, GSIS President and General Manager, also attributed the increased loan availment to the continuing updating of members’ records, which increased the loanable amount availed by members.

Relatedly, he said that the pension fund is about to complete the service records (SRs) updating project with the Department of Education, an undertaking strengthened by a Memorandum of Understanding signed by the two agencies on October 4, 2010.

“Members’ records serve as basis for computing loans and other benefits,” Vergara said.

The MOU requires the DepEd to submit updated service records to the GSIS and to finalize an agreed amount on their obligations with the pension fund.

Once completed, the issue on inaccurate statements of teachers who comprise more than 41 percent of our membership, will finally be laid to rest.