2 months ago
22
THE Government Service Insurance System's (GSIS) flagship loan initiative reached new heights in 2024, with its Multipurpose Loan (MPL) programs providing crucial financial support to more than 1.2 million government employees nationwide.
SUPPORTING COMMUNITIES Roland Daleon Satin works at his computer shop, established through a GSIS Multipurpose Flex Loan to support the local community and students in blended learning. PHOTO FROM GSIS
Since its launch in Sept. 2023, the GSIS MPL Flex program has disbursed P282 billion to 1,049,246 members. An additional P7.2 billion was extended to 197,675 members under MPL Lite.
In just 16 months, MPL Flex has become a cornerstone of GSIS's financial assistance initiatives, offering government employees loans of up to 14 times their monthly base pay.
The program's impact extends beyond individual borrowers to benefit entire communities. Roland Daleon Satin, a master teacher at Mayo Crossing Elementary School in Lucena City, used his MPL Flex loan to establish a computer shop that serves local remote workers.
The robust performance of GSIS's loan programs is backed by exceptional financial performance as of the third quarter of 2024. The pension fund's total assets grew 8 percent to P1.8 trillion, while net income from operations jumped 58 percent to P120 billion.
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Overall revenues reached P258 billion, marking a 27 percent increase from the previous year's P204 billion. The pension fund's non-life insurance business further strengthened its financial position, generating P8 billion in gross premiums written.
