GSIS offers GFAL to employees
Inks MOA with MLGU
MIAGAO, Iloilo – The employees of the Municipal Local Government can now enjoy the benefits that the Government Service Insurance System Financial Assistance Loan (GFAL) II offers to government employees.
This, after Mayor Macario N. Napulan, MD and GSIS Branch Manager Marciana M. Bata officially signed the Memorandum of Agreement to make the GSIS GFAL available to municipal government employees. GFAL offers refinancing of employees’ outstanding loans with private lending institutions through the GSIS.
“There is an urgent need to address the over-borrowing of government employees from private lenders and to promote welfare of government employees considering the risk that if left unaddressed, nothing might be left of the concerned personnel’s retirement or separation benefits as said benefits might be treated as payment to their outstanding loan obligations to the GSIS,” said Mayor Napulan.
Employees however, may avail of the GFAL provided that the “net take home of the borrower must adhere to the provision on the minimum net take home pay set forth in the General Appropriations Act” that is not below P5,000.00. (ABMande)