The Government Service Insurance System (GSIS) has signed an agreement with remittance firm Universal Storefront Services Corp. (USSC) in accepting loan payments from the pension fund’s borrowers through its over 800 payment collection sites nationwide.
In a statement, GSIS said this brings to 6,800 the total number of GSIS’s accredited external payment sites, including the 6,000 branches of Bayad and M. Lhuillier, two other remitting firms earlier authorized by GSIS to accept loan payments from its members.
“This will encourage our borrowers with arrears to update their accounts conveniently. This is also one of the ways to improve our loan collection efficiency,” GSIS president and general manager Wick Veloso said.
Like Bayad and M. Lhuillier, USSC will soon receive advance GSIS loan payments as well as for those that are underpaid, delayed, unpaid or are already in default.
As of April 24, GSIS had collected more than P346 million for 33,224 transactions through Bayad and M. Lhuillier. Veloso added that GSIS is already in talks with Palawan Pawnshop and SM Corp. to bring the total accredited external service payment providers to over 10,000 outlets.
“The key driver that USSC strives for is financial inclusion in servicing our customers using effective technology, harness that with the strength of our distribution network to provide customers and beneficiaries with efficient, hassle-free and pain-free service. We hope to extend the same service to GSIS,” USSC chief finance and administrative officer Carlos Borromeo said.
