GSIS multipurpose loan disbursement up 35.5% to P289B

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THE Government Service Insurance System (GSIS) has disbursed P289 billion last year under its flagship loan initiatives, extending financial support to over 1.2 million government employees nationwide.

In a statement yesterday, the pension fund said its Multi-Purpose Loan (MPL) Flex program has disbursed P282 billion, which saw a 35.5 percent increase from P208.17 billion in its first year of implementation in 2023.

An additional P7.2 billion was extended to members under MPL Lite, which was launched only last October.

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The MPL Flex program allows members to borrow up to 14 times their monthly base pay, with a cap of P5 million. It has an annual interest rate of 6 percent and a repayment period of up to 15 years.

Meanwhile, the MPL Lite offers accessible financing that ranges from P5,000 to P50,000, in multiples of five, with flexible repayment terms of six, 12, 18 or 24 months.

“The rapid growth of MPL Flex in less than two years demonstrates both the program’s effectiveness and the significant demand for flexible financial solutions among our members,” said Wick Veloso, GSIS president and general manager.

Through GSIS’s digital platforms, members can complete their loan applications online.

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