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GSIS Financial Assistance Loan for DOLE Employees

Date Posted: September 19, 2019

State pension fund Government Service Insurance System (GSIS) Chairman and concurrent Acting Head and President and General Manager Rolando Ledesma Macasaet (fourth from left) and Department of Labor and Employment (DOLE) Secretary Silvestro Bello III (third from left) recently inked an agreement that would help more than 5,600 employees of the DOLE and its attached agencies, repay their loans with lending institutions at lower interest rate of 6% and longer repayment period of six years, under the pension fund’s GSIS Financial Assistance Loan (GFAL) program.

Through GFAL, GSIS members may transfer their loan of up to Php500,000 from lending institutions to the pension fund. However, if a member’s total loan is below Php500,000, the balance may be applied for as a Top-Up Loan, with the proceeds directly payable to the borrowers through check.

GFAL is in response to the call of President Rodrigo Duterte to help free government employees from unscrupulous lending institutions who charge hefty interest rates. Signing the agreement (from left) are DOLE Director Brenalyn Peji, DOLE Undersecretary Renato Ebarle, DOLE Secretary Bello III, GSIS Chairman and Acting President and General Manager Macasaet, GSIS Executive Vice President for Core Business Atty. Nora M. Malubay, and GSIS Acting Senior Vice President for NCR Operations Eduardo Fernandez.