Mas madali nang umutang! Ramil Hernandez signs MOA with GSIS to improve loan mechanism for employees
The provincial government of Laguna has signed a Memorandum of Agreement (MOA) with the Government Service Insurance System (GSIS) to improve the GSIS Financial Assistance Loan (GFAL).
Governor Ramil Hernandez signed the MOA on Laguna’s behalf while GSIS was represented by Maria Carmencita M. Ong-Cruz.
GFAL is GSIS’ refinancing program where the government agency employing a worker will shoulder the balance of his or her loans to a bank, private institution or cooperative as long as the amount does not exceed P500,000.
With an interest rate of six percent per year, government employees will enjoy smaller amortization under GFAL.
To qualify for GFAL, a GSIS member must be a permanent government employee who is consistently paying his or her contributions for the past three years. He or she must also not be on leave without pay.
The government employee’s net take home pay must also not be below P5,000 monthly and he or she must not be facing administrative or criminal charges.
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