CMP, GSIS signs MOA
Governor Carlos M. Padilla signed a Memorandum of Agreement (MOA) with the Government Service Insurance System (GSIS) Bayombong Branch, represented by OIC Branch Manager Haydee S. Delinela on November 19 at the Office of the Governor.
The MOA is with regard to the GSIS Financial Assistance Loan (GFAL) offered by the agency to the government employees to improve their financial standing. GFAL is a debt-consolidation and balance transfer facility that enables GSIS members to settle their outstanding loan balance with lending institutions, such as those privately run, as well as government banks and government cooperatives at reduced interest and longer payment term.
A qualified GSIS members could apply a loan for a maximum amount of P500,000 with an interest rate of 6% per annum or a monthly amortization of P9,634.44. The loan will be automatically deducted from one’s salary and payable in 72 equal monthly instalments or 6 years.
The amount to be loaned will be computed based on the final statement of account (SOA) that will be submitted along with other GFAL application documents. One cannot apply for an amount that exceeds the total obligation indicated in the SOA.
GSIS designed its financial literacy seminar for the GFAL applicants. The ones required by other loan companies will not be considered as a valid compliance to GFAL requirements.
Provincial Human Resource Management Officer Ma. Carla Lucia M. Torralba and Myla Gonzales of GSIS served as witnesses in the MOA signing. #bg