PASAY CITY, August 14 — The Government Service Insurance System (GSIS) public pension fund has developed a Memorandum of Understanding (MOA) with the local government of General Mariano Alvarez (GMA) in Cavite for the implementation of the GSIS Financial Assistance Loan (GFAL) program for GMA employees. As part of the MOA, the Ministry of Education…
Gfal Memorandum Of Agreement
PASAY CITY, August 14 — The Government Service Insurance System (GSIS) public pension fund has developed a Memorandum of Understanding (MOA) with the local government of General Mariano Alvarez (GMA) in Cavite for the implementation of the GSIS Financial Assistance Loan (GFAL) program for GMA employees. As part of the MOA, the Ministry of Education “prioritizes the payment of GSIS loans by the payment of loans made by deped staff to credit institutions, as well as the deduction of monthly amortization due on loans taken out by deped staff under GFAL, from payroll to full payment.” For its part, the GSIS completes the documentation of the policy within 30 days of the conclusion of the contract. Good news for DRMC employees, GSIS and DRMC had finally signed a Memorandum of Understanding for GFAL or GSIS Financial Assistance Loan, represented by Mr. Oscar Paul B. Fortuna, GSIS Tagum City, Dr. Bryan O. Dalid, Dr. Bryan O. Dalid, DRMC Medical Center, 2019. GFAL borrowers whose outstanding loans from private lenders do not exceed P500,000 may choose to borrow the balance through the loan reload. Unlike GFAL revenues that are paid directly to private lenders, loan loans are released to the member.
Under the GFAL, borrowers can claim up to a maximum of 500,000 P500 P500 payable in monthly increments equal to six years at an interest rate of six per cent per year. The MOA “aims to refinance the outstanding loans of DepEd employees with depEd-accredited private credit institutions at much lower interest rates. The aim is also to improve the financial resources of teachers and ensure the preservation of the benefits of GSIS. In addition to the implementation of the GFAL, a financial skills program is being implemented for teachers to guide them in managing and disposing of their funds. Another 44,480 non-deped employees also used GFAL`s easy-to-pay credit facility, he said. GMA Mayor Walter Echevarria Jr. and GSIS EsS National Capital Region I, NCR Area 1 signed the GFAL MOA at GMA Municipal Hall. The Public Service Benefit Insurance Scheme (GSIS) has released some P76.5 billion. to help a total of 189,860 state agents settle their credit arrears with private lenders operating in the five-six or usury system, in accordance with President Duterte`s directive to end this predatory credit practice that has made government employees more indebted.