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Province of South Cotabato

GSIS readies fund to buy out loans of government employees from private lenders

Koronadal City—The government social insurance institution Government Service Insurance System (GSIS) is now ready to accept application loans of employees of the Provincial Government of South Cotabato from private banks after Gov. Reynaldo Tamayo signed a memorandum of agreement with GSIS recently.

Alex Basco, Human Resource Management Development Officer, said the GSIS Financial Assistance Loan II will allocate funds for the payment of the loans of the government employees from private lenders like banks and cooperatives.

“GSIS is ready to facilitate the payment of the personnel provided that the lending institutions are on the list accredited by the GSIS,” Basco confirmed.

The list enumerated private banks and cooperatives like Philippine National Bank, Land Bank of the Philippines, BDO Network Bank, Veterans Bank, Development Bank of the Philippines, and Union of Provincial Employees of South Cotabato.

Lawyer Renette Bergado, the Provincial Administrator, said the GSIS program addressed the overborrowing of employees that affect their ability for monthly loan payments and increasing risks of default.

At least 254 employees are ready to avail of the program.

An orientation from GSIS is set on October 9.

GFAL was first introduced in 2018 to teachers and DepEd personnel. Koronadal was one of the pilot areas along with 12 areas across the country like Batangas, Bulacan, Dagupan, Naga, Cavite, Manila, Quezon City, Bohol, Ormoc, Koronadal, Butuan and Tagum.

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