P13-B GSIS loan released to 36,000 DepEd personnel

MANILA, Philippines — State pension fund Government Service Insurance System (GSIS) has released almost P13 billion through its special loan program for public school teachers and other personnel of the Department of Education (DepEd).

GSIS president and general manager Jesus Clint Aranas yesterday said 36,692 DepEd personnel have benefited from the GSIS Financial Assistance Loan (GFAL) program since its implementation in May. 

“The combined nationwide figures posted in GFAL’s first six months of implementation signify positive acceptance by our members in the DepEd,” Aranas said. 

“We continue to encourage qualified DepEd employees to avail themselves of GFAL to ease their burden in paying their loans,” he added. 

GFAL is a debt-consolidation and balance-transfer facility that seeks to help DepEd workers in settling their outstanding loan balance with accredited private lending institutions.

Under the voluntary loan program, borrowers may apply for a maximum loan amount of P500,000, which is automatically deductible from their salary and payable in equal monthly installments for six years at a reduced interest rate of six percent per annum.

The program was launched in response to the growing concerns over the ballooning loans of public teachers.