Gfal Ii Memorandum Of Agreement

At its regular meeting on November 18, the Pangasinan Provincial Council adopted Provincial Resolution No. 299-2019 to authorize Governor Espino to enter into a Memorandum of Understanding with the GSIS on behalf of Pangasinan Province. PASAY CITY, Aug. 14 — The Government Service Insurance System (GSIS) public pension fund has entered into a Memorandum of Understanding (MOA) with the local government of General Mariano Alvarez (GMA) in Cavite for the implementation of the GSIS Financial Assistance Loan (GFAL) program for GMA employees. To qualify for GFAL, applicants must be permanent government employees with outstanding loans from private credit institutions, government banks, or cooperatives accredited or recognized by their agency. have paid premiums to the GSIS for at least three years; not have a due and infectible credit account with the AR; not be on leave without pay; have a net salary of taking at home of no less than Php5,000 after deduction of monthly commitments; and have no administrative or criminal complaints pending. Under GFAL, borrowers can apply for up to a maximum credit amount of P500,000, payable in equal monthly installments for up to six years, at an interest rate of six percent per year. It was found that GFAL II offers an interest rate of 6% per annum and a longer repayment period of six years. „Since our employees pay only one creditor, the reduced interest rates on credits deducted from their monthly salary and the extension of the credit term would result in an increase in the net salary at home. Ultimately, their old-age benefits would be exempt from chargeable credit deductions,” Echevarria said when signing the MOA. MIAGAO, Iloilo – Local government staff can now enjoy the benefits offered by the Government Service Insurance System Financial Assistance Loan (GFAL) II to government employees. The GSIS Financial Assistance Program (GFAL) is the GSIS` latest lending and consolidation program, under which GSIS members can transfer their loan of up to PHP 500,000 to the pension fund from credit institutions such as government banks and cooperatives duly accredited by their agencies. The credit, which has a lower interest rate of 6% per year and a longer repayment period of six years, is paid directly to lenders.

(from left to right: GSIS M. Fortuna, GSIS collaborator, Dr Dalid, Ms Boiser) Your email address will not be published. Mandatory fields are marked with * according to Mayor Macario N. Napulan, MD and GSIS Branch Manager Marciana M. Bata officially signed the memorandum of understanding to make the GSIS GFAL available to employees of the municipality. GFAL proposes to refinance employees` outstanding loans to private credit institutions through ISIS. „There is an urgent need to address the over-credit of government employees of private lenders and promote the well-being of government employees, because if they are not addressed, there is a risk that there will be nothing left of the pension benefits or separation of the staff concerned, as these benefits are a payment for their arrears. Loan commitments to ISIS could be processed.

„said Mayor Napulan. A pending borrower retains the right to claim GFAL if the case was filed by a lender for non-payment as a result of prioritizing payroll deductions. GSIS representatives announced that GSIS will offer employees in Pangasinan Province, within the limit of P500,000.00, a GFAL II Memorandum of Understanding (MOA). „As of July 30, GSIS has paid more than PHP24 billion to private lenders, benefiting 68,731 DepEd employees…