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CGO San Juan GFAL II MOA Signing

Date Posted: August 20, 2019

The Government Service Insurance System signed on Tuesday a memorandum of agreement with the City Government of San Juan to implement the expanded GSIS Financial Assistance Loan or GFAL II for more than 1,000 GSIS members based in the city. Originally offered to teaching and nonteaching personnel of the Department of Education, the program has been extended to the rest of GSIS members effective July 29, 2019 as a result of their strong clamor. Since its launch, a total of 30 agencies and local government units have signed up agreements with the pension fund to enable their employees to enjoy its benefits of lower interest of 6% and longer repayment period of six years. The program is GSIS’s response to the call of President Rodrigo Duterte to help free government employees from the clutches of lending institutions who practice schemes such as ‘5-6’, which are often tied with hefty double digit interest rates. Signing the agreement (from left) are GSIS Executive Vice President for Core Business Atty. Nora M. Malubay, GSIS Chairman and concurrent Officer in Charge Rolando Ledesma Macasaet, San Juan Mayor Francisco Javier M. Zamora, and San Juan City Administrator Atty. Dennis Albert S. Pamintuan.