GSIS ASKED FOR FLEXIBLE TUITION LOANS, RELIEF PROGRAMS
SENATOR Bong Go has urged the Government Service Insurance System to establish tuition loans and other relief programs with flexible payment terms that may help its members manage the financial and economic fallout of the pandemic.
“Nagpapasalamat naman ako na tinugon ng pamunuan ng GSIS ang ating panawagan. I am grateful that at the time when our people are still reeling from the adverse impacts of the pandemic, they heeded our call and took extra steps to be of great help to their members,” Go said.
In a brief response, GSIS President and General Manager Rolando Macasaet said: “Mayroong sapat na pondo ang ahensiya upang mag-offer ng loan programs sa ating mga member in response to the call of Senator Bong Go. Sang-ayon po kami sa panawagan niya—ito ang panahon na dapat tulungan natin ang mga kababayan nating makaahon mula sa paghihirap na dulot ng Covid19.”
Go, earlier encouraged the GSIS to develop a small loans program for its members as well as a tuition loan program to help families pay for school fees, and an e-transition loan program for public school teachers to purchase laptops and other gadgets in aid of the transition to online learning.
Heeding his call, the agency developed the GSIS Financial Assistance Loan – Educational Loan program to help its members pay up to 100% of their beneficiaries’ tuition fees and other school expenses.
The beneficiaries must be enrolled in an undergraduate program of a private or public tertiary institution.
The GFAL – EL loan is a 10-year loan with a 5-year grace period allowing members not to worry about tuition and other school fees while their dependents are still in college.
As a complementary program to GFAL-EL, the GSIS created the GSIS Computer Loan program to help their members purchase a computer unit for their online learning and work-from-home needs.
Members can borrow a total amount of P30,000 with an interest rate of 6% per annum which will be repayable over a term not exceeding 36 months. The GCL will be open to active members with permanent appointments.
Earlier this year, Go also made an appeal to GSIS management to waive the penalties for delayed remittances, release pensions early and grant emergency loans to its members, pensioners and beneficiaries.
The Senator likewise encouraged other government financial institutions including the Social Security System and Land Bank of the Philippines, to provide similar programs with payment accommodations to their borrowers who have been affected in a variety of ways by the Covid19 outbreak.