Manila: The multi-purpose loan (MPL) program of the Government Service Insurance System (GSIS) disbursed PHP208.17 billion to 790,514 government employees in its first year.

Launched in September 2023, the MPL Flex (Flexible) financial solution has a 6 percent interest rate and repayment terms of up to 15 years.

GSIS President and General Manager Wick Veloso said members can borrow up to 14 times their basic monthly salary to a maximum of PHP5 million.

“Loan proceeds can be used as seed capital for small businesses, providing an additional stream of income,’ Veloso said in a news release on Monday.

“I encourage our members to maximize the benefits of MPL Flex for personal and investment purposes,” he added.

Eligible members include active and special GSIS members with a net take-home pay of at least PHP5,000.

Applications can be made through the GSIS Touch mobile app or GWAPS (GSIS Wireless Automated Processing System) kiosks.

Approved loans are credited to members’ e-Card accounts within a day.

“This
unprecedented milestone of MPL Flex’s first anniversary only strengthens the GSIS mandate to continue to provide accessible loans to our members,’ Veloso said. ‘The MPL Flex Loan Program is a vital resource in helping them achieve their financial goals while ensuring overall well-being.’

Meanwhile, Veloso announced that members who participated in the MPL Flex program through GSIS Touch or GWAPS but were not selected in last year’s raffle will have another chance to win in this year’s “GSIS Touch and Win” raffle, with a total of PHP1.5 million in prizes.

Source: Philippines News agency