Government Service Insurance System (GSIS) members and pensioners should pay their loans on time for a safe and secure benefits, said GSIS President and General Manager Wick Veloso on Tuesday.
In the press release issued by the GSIS, Veloso urged member-borrowers to be on time in paying the correct loan ammortizations so they can use their hard-earned future benefits and other privileges.
“Let’s do our part in keeping the pension fund healthy by paying our loans responsibly. Rest assured that we are constantly exploring ways to improve our loan products to help you in time of need,” Veloso said in a news release.
When loans are not paid on time, he emphasized that members may potentially get a little or no money at all, since unpaid loan interest and penalties will be deducted from their retirement or separation benefits.
Government organization must play an integral part to maintain safety and security of member benefits and by deducting the proper monthly amortization and payin it on time will protect their benefits, said the GSIS chief.
Being a veteran banker with almost four decades of experience in banking, the pension fund chief endorses the GSIS Multi-Purpose Loan (MPL) Plus for overdue loan accounts to help the members settle their obligations.
MPL Plus enables the members to pay their outstanding balances as it waives forfeit and surcharges on their existing salary loan accounts.
Moreover, MPL Plus' credit limit is P5 million, which is determined by the members' salary and the length of time they paid their premiums, offering a low interest of 7% and 10 years payment term.
Regular and special members who have made at least three monthly premium contritubutions with no leave without pay, pending administrativem or criminal case are eligible for the loan.
Meanwhile, Veloso stated that GSIS provided additional payment channels for borrowers, such as Bayad Centers or M.Lhuillier branches, and online applications of its bank partners, Union Bank of the Philippines and Land Bank of the Philippines, so they can conveniently pay their loan amortizations.
For more information, members may visit the GSIS website (www.gsis.gov.ph) or GSIS Facebook page (@gsis.ph); email [email protected]; or call the GSIS Contact Center at 8847-4747 (if in Metro Manila), 1-800-8-847-4747 (for Globe and TM subscribers), or 1-800-10- 847-4747 (for Smart, Sun, and Talk ‘N’ Text subscribers).
