GOVERNMENT Service Insurance System (GSIS) president and general manager Jesus Clint Aranas brought his board of directors to Bacolod City on Thursday, March 28, to meet with stakeholders and update them with the various programs of the agency, and at the same time, listen to their concerns.
According to the GSIS, the meeting with the stakeholders will help them decide on policies that are for the welfare of its clientele.
GSIS officials came to Bacolod spending their own private funds as Aranas did not want to squander the GSIS funds that have been entrusted to them for prudent utilization.
This will open more dialogues with the stakeholders, which will serve as inputs for enhancing programs and improving service delivery.
Since 2017, GSIS has implemented several programs to ensure greater sustainability of the fund. These include the restoration of the Annual Pensioners Information Revalidation, the GSIS Financial Assistance Loan program (GFAL), the Program for Restructuring and Repayment of Debts for inactive members and a condonation program for housing.
"Collectively, these programs aim to plug pension overpayments, re-finance the loans of active members with private lending institutions through lower interest rates and longer repayment terms, and provide a mechanism for members, including those who are retired, to settle their outstanding loan obligations through penalty condonation," Aranas said.
He said that as administrators of the members' savings, GSIS is duty-bound to ensure that GSIS funds are healthy so that the present and the future generations of members can receive their benefits as and when they are due.
He urged the members with outstanding loans to take advantage of these programs: "When you retire, you will receive your benefit in full, and truly enjoy your retirement."
GSIS is reaching out to its members to help settle their loans, particularly those with private lending institutions.
Through GFAL, "you can borrow up to half a million pesos at six percent interest rate and repayment period of six years. This will help ease your burden in paying your loans, and because of lower rates, your net income will be bigger."
GFAL was recently expanded to cover non-Department of Education personnel recognizing that all members should enjoy the same privileges from GSIS for the sake of equality and fairness. (CNC)