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This was announced by Chairman and Officer in Charge Rolando Ledesma Macasaet following the signing of agreement between GSIS and the City Government of San Juan on Tuesday to implement GFAL for about 1,000 members in San Juan.
Under GFAL II, there is a fixed annual interest rate of six percent, with the debt payable over six years.
The previous GFAL was previously launched last year to help the Department of Education personnel with their loan problems with private lending institutions.
"The combined nationwide figures posted in GFAL's first six months of implementation signify positive acceptance by our members in DepEd," said GSIS President and General Manager Jesus Clint Aranas.
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.
GFAL has been making its mark as the pension fund's strategy to help address the members' perennial problem of overborrowing that results to reduced GSIS benefits stemming from unpaid loans.
Under the GFAL, qualified members can borrow as much as P500,000 provided their take-home pay will not be lower than P5,000 after their monthly obligations have been deducted.
DepEd and GSIS, in separate statements, announced that beginning May 15, the GSIS will start to accept applications for the GFAL program for personnel of the DepEd wherein the GSIS will lend a maximum amount of P500,000 to DepEd borrowers to pay the outstanding balance of their loan from accredited private lending institutions.
As explained to me by my market sources, GSIS Financial Assistance Loan (GFAL) has been designed to ease the payment structure of teachers and other DepEd personnel due the state-pension fund - a refinancing tool, taking into consideration mentors' capacity to settle their outstanding obligations to GSIS, including compliance with the R5,000 net take-home pay.
Early this week, DepEd and GSIS signed a MOA for the GSIS Financial Assistance Loan to DepEd Personnel (GFAL) to be offered to teachers who have existing loans with Private Lending Institutions (PLIs).
Briones and GSIS President and General Manager Jesus Clint Aranas signed the MOA on the GSIS Financial Assistance Loan to DepEd Personnel (GFAL) on behalf of their respective agencies.