The Government Service Insurance System (GSIS) launched an affordable housing initiative, a low-interest loan with flexible terms, and improved features in the GSIS Touch mobile app.
Wick Veloso, GSIS president and general manager, said in a statement yesterday these programs were implemented in direct response to the President’s directives when assuming office on July 5.
The launch of the programs comes in time for the 86th anniversary celebration of the pension fund.
The first directive from the President was to ensure that all government properties and assets are covered by property insurance, in line with the GSIS mandate.
Veloso also announced that the pension fund achieved a milestone, generating P6.8 billion in gross premiums written, the highest recorded figure in the organization’s history.
This represents a 16 percent increase compared to the previous year, making GSIS the largest non-life insurance company in the country, with the general insurance fund worth P41.92 billion.
Additionally, GSIS is expediting the fire insurance claim of PhilPost, and once the final report from the insurance adjuster is completed, the fire insurance check for PhilPost will be released promptly.
The second directive focused on digitizing GSIS processes for the convenience of its members and pensioners.
GSIS Touch, the mobile application, launched yesterday its facial recognition feature, allowing old-age and disability pensioners to complete their annual “proof-of-life” through their smartphones.
This eliminates the need for them to leave their homes and visit GSIS branches to comply with the said process.
The President also tasked GSIS with addressing the financial needs of its members by providing loans with affordable terms.
As a result, the Multi-Purpose Loan (MPL) was enhanced and renamed MPL Flex, which offers a longer and more flexible payment period, ranging from one to 15 years, at an affordable interest rate of 6 percent per annum.
Eligibility conditions have been relaxed, allowing government employees who have served for only one month to apply for the MPL.
GSIS further announced the launch of its Pabahay sa Bagong Bayani na Manggagawa sa Pamahalaan Program to help the government resolve the massive housing backlog of over six million units.
This program consists of three components: a rent-to-own scheme for GSIS’ 15,000 residential properties, an extension of the Housing Loan Condonation Program until 2025 and the construction of decent low-cost housing units for government workers.
Initial construction will focus on high-rise condominium buildings in Fairview, Quezon City and in Cogeo, Antipolo, offering government employees the opportunity to purchase two-bedroom units for P1.6 million, with an affordable financing plan requiring no down payment and a 30-year repayment term at P12,000 per month. – Angela Celis
