The Government Service Insurance System (GSIS) and the Home Development Mutual Fund (more popularly known as Pag-IBIG Fund) today signed a credit facility agreement providing an initial GSIS allocation of Php5 billion to finance the housing loans of its members and pensioners through the Pag-IBIG Fund. The credit facility, signed by GSIS President and General Manager Robert Vergara and HDMF Chief Executive Officer Darlene Berberabe, is made available in line with the GSIS’s decision to wind down its direct lending program last April in favor of forging partnerships with key shelter agencies (KSAs) which has the proven expertise on home...
The Government Service Insurance System (GSIS) has entered into a settlement with the city government of Baguio in which the city has agreed to pay Php200.2 million to the GSIS for the purchase of the Baguio Convention Center. The amount represents the full payment of the purchase price of the establishment including the 10,000-square meter parcel of land where it stands. Under the Compromise Agreement signed by GSIS President and General Manager Robert G. Vergara and Baguio City Mayor Mauricio G. Domogan, the city handed over the check bearing the said amount simultaneously with the execution of a corresponding Deed...
The Government Service Insurance System (GSIS) today said it will resume the payment of monthly retirement and pension benefits of more than 1,500 pensioners affected by the “Electric Power Industry Reform Act (EPIRA) of 2001”. This developed after the release of an En Banc Decision of the Supreme Court on the case of Enrique U. Betoy vs. The Board of Directors, National Power Corporation (04 October 2011, G.R. Nos. 156556-57) and a letter from the Commission on Audit lifting its previous notice of disallowance, which remove any legal impediment to the payment by the pension fund of these benefits. “We...
The Government Service Insurance System (GSIS) today announced that the current governing board reduced the interest rate for Emergency Loan from eight percent to six percent and would no longer charge a one percent service fee for the loan. “This is part of the current effort of the Board and Management to make our policies and programs more responsive to our members especially at a time they need it most,” GSIS President and General Manager Robert G. Vergara said. Under the GSIS Emergency Loan program, each eligible member can borrow P20,000, payable in three years in equal monthly installment. The...
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