Government Service Insurance System (GSIS) recently reported the success of its Multi-Purpose Loan Flex (MPL Flex) program.
According to GSIS, the MPL Flex has loaned over P208 billion to almost 800,000 members during its first year of implementation.
“The program is truly successful and 800,000 GSIS members can attest to that. Our wish is for this program to become more successful and we hope that more GSIS members could benefit from this.” SGP Partylist spokesperson Fercival Yutan said on Wednesday (September 25).
The MPL Flex program allows GSIS members to borrow up to 14 times their basic monthly salary with a maximum loanable limit of five (5) million pesos. MPL Flex loans have a low interest rate of 6 percent.
MPL Flex loans may be used to cover personal expenses and investments. For example, a GSIS member can take a loan to start a small business to augment their salary and help pay off the loan.
GSIS members can apply for an MPL Flex loan if they are not on leave without pay and have submitted at least one month of their premium. Furthermore, members must retain a net take-home pay of at least P5,000 after deducting payments in compliance with the General Appropriations Act.
Eligible members can submit their application through the GSIS Touch mobile app. Alternatively, they can find the nearest GSIS Wireless Automated Processing System (GWAPS) kiosk.
GSIS members do not have to wait long for their loan’s arrival. When the MPL Flex loan receives approval, it takes only a day to get credited to the applicant’s account.
