QUEZON CITY, (PIA) — The Government Service Insurance System (GSIS) has unveiled the MPL Max program, a loan buyout initiative aimed at offering financial relief to government employees by enabling them to consolidate their debts at interest rates as low as 6%.
GSIS President and General Manager Wick Veloso emphasized the program’s goal to protect public sector workers from predatory lending practices.
“Through the MPL Max, we are throwing a lifeline to our members who are weighed down by debt,” Veloso said.
Program Details
Under the MPL Max program, government employees can consolidate existing loans into a single loan with competitive interest rates and repayment terms extending up to 10 years.
Qualified members may borrow up to 19 times their monthly salary or P5 million, whichever amount is lower.
To be eligible for the program, members must meet specific criteria, including:
- Having paid at least one month of premium contributions within the last six months.
- Not having any existing multi-purpose loans or defaulted GSIS Financial Assistance Loans.
- Having no administrative or criminal cases.
- Maintaining a sufficient net take-home pay as mandated by the General Appropriations Act.
Application Process
To apply for the GSIS MPL Max program, government agencies must first sign a memorandum of agreement with GSIS to allow their employees’ participation.
Interested members are encouraged to schedule an appointment through the GSIS Touch facility to submit their applications.
Required documents include the application form, borrower loan agreement, loan voucher or certified documents showing existing loans, statements of accounts from lending institutions, a copy of the lending institution’s authorized representative ID, and the latest pay slip. (JCO/PIA-NCR)
