Capitol, GSIS ink expanded loan agreement

THE Provincial Government of Negros Occidental and the Government Service Insurance System (GSIS) have signed a Memorandum of Agreement (MOA) for the implementation of the expanded GSIS Financial Assistance Loan (GFAL) II for permanent Capitol employees.

Governor Eugenio Lacson and Sol Orcullo represented the province and the agency, respectively.

Originally offered to teaching and non-teaching personnel of the Department of Education (DepEd), the program has been extended to the rest of GSIS-members since it was approved by the Board of Trustees through Board Resolution No. 62 last May 15.

GFAL II is a balance-transfer and debt-consolidation facility that intends to help various government employees (members) pay their loans from accredited lending institutions (LIS) at a lower monthly amortization.

Qualified permanent employees of the Provincial Government may borrow up to P500,000.

Provided, their take-home pay will not go lower than the amount required under the General Appropriations Act after their monthly obligations have been deducted.

The loan proceeds will be paid directly to the concerned lending institution.

The loan is payable in monthly installments for six years at six percent interest rate per annum computed in advance and payments will be automatically deducted from the borrower's salary.

Present during the MOA signing are Human Resource Management Office head Anabelle Palic and staff Rex CastaƱeda, and GSIS staff Rhandele Alojado and Leilani Mangabat. (PR)


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