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GSIS offers loan program to San Juan employees, teachers

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Government employees and public school teachers in San Juan City could now avail of a loan program that will help them settle their outstanding loans from private lending institutions.

Mayor Francis Zamora and Government Service Insurance System (GSIS) Chairman and President Rolando Macasaet signed on Tuesday a  Memorandum of Agreement for the GSIS Financial Assistance Loan Program (GFAL) II.

The program aims to settle outstanding loan obligations of GSIS members with other lending institutions.

With the program, Zamora said, interested GSIS members could loan as much as P500,000 payable in monthly installments for six years at a reduced interest rate of 6 percent per annum.

The program, which is a debt-consolidation and balance-transfer facility in one, also requires borrowers to undergo a financial literacy seminar to learn good money management practices.

With other private lending institutions, the city mayor said government employees have to pay an interest of 3 percent per month, or 36 percent per year, for their loans.

“With GFAL program, the members will be able to refinance their outstanding loans through a more affordable loan package from GSIS,” Zamora said.

Macasaetsaid GSIS personnel will be at the City Hall every Wednesdays, Thursdays, and Fridays for city government employees who want to apply for the loan program.

“There is no place for loan sharks here in San Juan,” Macasaet said.

The GFAL was initially offered only to employees of the Department of Education (DepEd). It now includes the rest of GSIS members.

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