THE Government Service Insurance System (GSIS) is eyeing the possibility of buying out the existing loans of public school teachers with private lending institutions by 2018, its top official said.
GSIS president and general manager Jesus Clint Aranas said they saw the bad effects of these loans with high interest rates to the economy of families.
He added that he will seek the approval of the Board of Trustees to implement the plan and possibly extend these teachers with loans that have less interest rates.
They saw in their studies that most teachers have a meager take home pay due to these loans from private lending institutions, he said.
"We are not competing with the private loan firms, but we are trying to rescue these teachers who are already unable to maintain a quality life. There is a free market out there and we just want to offer lower rates to our members," he said.
Aranas was in Bacolod recently to grace the opening of a Manila-based law firm.