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Louise Maureen Simeon - The Philippine Star
March 5, 2025 | 12:00am
During the Bagong Pilipinas Ngayon briefing yesterday, GSIS president and general manager Wick Veloso said the pension fund for state workers has so far lent P322 billion through the Multi-Purpose Loan (MPL) program of the agency.
STAR / File
MANILA, Philippines — The Government Service Insurance System (GSIS) has released P322 billion in loans to over 1.2 million members under its enhanced lending program for state workers.
During the Bagong Pilipinas Ngayon briefing yesterday, GSIS president and general manager Wick Veloso said the pension fund for state workers has so far lent P322 billion through the Multi-Purpose Loan (MPL) program of the agency.
Bulk of this or P315 billion was released via the MPL Flex which was started in September 2023. The loans released have benefited over one million government borrowers in a little over a year.
The MPL Flex stands out in the market for offering an interest rate of six percent and a longer and more flexible payment period, ranging from one to 15 years.
It also allows government employees who have served for only one month to apply. State workers can borrow up to 14 times their basic monthly salary, with a maximum limit of P5 million.
“This is not just for the personal use of our members. Many of our borrowers use the loans for their businesses,” Veloso said.
“The benefits are doubled because members get an additional source of income and it also helps the community,” he said.
Eligible for the program are active and special GSIS members who are not on unpaid leave and have made at least one month’s premium payment.
Members’ net take-home pay, after the deduction of all monthly obligations, must meet or exceed the General Appropriations Act’s minimum requirement of P5,000.
Apart from the MPL Flex, GSIS has so far extended P7.2 billion to nearly 200,000 members as of end-January under the MPL Lite program.
The program allows members to borrow from P5,000 to P50,000 for emergency purposes which can be paid from six months up to two years.
Members may apply through the GSIS Touch mobile application or the GSIS Wireless Automated Processing System kiosks for a quick and paperless process.
Approved loans are credited to the members’ e-card account within a day after approval of the authorized agency officer of the borrower’s agency.
