NextGen Day

MANILA, Philippines — The Multi-Purpose Loan (MPL) Plus program, which has a credit ceiling of PHP5 million, will be launched on April 23 by the Government Service Insurance System (GSIS). It also reduced the borrowers’ eligibility restrictions and increased the maximum payment term to ten years.

“We improved the MPL program based on input from prior MPL members so that we may offer a lending program that best meets their needs.” “Sa MPL Plus, umaasa ang GSIS na mais marami pa tayong miyembrong matutulungan,” Rolando Ledesma Macasaet, president and general manager (PGM), said in a statement on Monday.

The credit limit under MPL Plus has been increased from PHP3 million to PHP5 million. The exact amount will be determined by the number of premiums paid and the monthly wage of the borrowers.

All borrowers will be charged a standardized interest rate of 7%, which will be calculated in advance. Members with fewer than three years of paid premiums were charged 8% interest in the previous MPL, while those with more than three years were charged 7%.

“Sa abot ng ating makakaya (To the best of our ability), we will continue to assist our members in getting their finances in order.” “From the beginning, the goal of our loan program has been to provide low-cost financing to our government employees,” Macasaet explained.

In addition, GSIS loosened the requirements for prospective applicants.

Members who had arrears on their GSIS Financial Assistance Loan (GFAL) or housing loan were previously ineligible for the MPL. They will be able to apply under MPL Plus now, but their GFAL arrearages will be deducted from the proceeds of their loan.

Regular and special GSIS members who have paid at least three months of premiums, are not on leave without pay at the time of application, and have no outstanding administrative or criminal case are eligible to apply for MPL Plus.

Furthermore, they should not work for a suspended agency, and their net take-home income should not fall below the level needed by the General Appropriations Act after all monthly obligations have been removed.

Permanent employees with at least 10 years of premium payments, members with an existing Home Emergency Loan Program (HELP) account, and special members under agencies with memorandums of agreement on MPL with GSIS are all eligible for a 10-year loan term.

Non-permanent government employees with at least 15 years of premium contributions, on the other hand, can repay the debt in as little as nine years. Their maximum loan period was formerly only five years.

Members can apply for the loan through the GSIS Touch mobile app, GSIS Wireless Automated Processing System (GWAPS) kiosks strategically located across the country, e-mail, electronic GSIS Member Online (eGSISMO), or drop boxes at any GSIS office.

“We will only accept over-the-counter or in-person filing if the GWAPS kiosk is down, or if the applicant has a missing or faulty electronic card (eCard) or Unified Multipurpose Identification (UMID) card; has unreadable biometrics; or is a temporary eCard holder,” Macasaet added.

MPL Plus combines loan balances and charges for outstanding Salary Loan, Restructured Salary Loan, Enhanced Salary Loan, Emergency Loan Assistance, Summer One-Month Salary Loan, ConsoLoan Plus/Enhanced ConsoLoan Plus, Member’s Cash Advance/eCard Cash Advance/eCard Plus Cash Advance, Home Emergency Loan Program (HELP), Educational Assistance Loans I and II (EAL I/II); Study Now Pay Later; Fly PAL, Pay Later; and Stock

GSIS was able to disburse PHP106 billion to 444,425 members who used MPL in 2021 alone.

Interested borrowers can learn more about MPL Plus by visiting the GSIS website (www.gsis.gov.ph) or following the GSIS on Facebook (@gsis.ph); sending an email to gsiscares@gsis.gov.ph; or calling the GSIS Contact Center at 8847-4747 (if in Metro Manila), 1-800-8-847-4747 (for Globe and TM subscribers), or 1-800-10-847-4747 (for Smart, Sun

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

Need to get in touch?

Feel free to Contact NextGenDay.com for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. Simple Ways To Say Thanks & Support Us:
1.) GIVE A TIP. Send a small donation thru Paypal
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---