The Government Service Insurance System (GSIS) explained its loan portfolio on Tuesday, Oct. 10, which benefits government employees, marking the state pension fund as the biggest insurance company in the country, according to GSIS President and General Manager Jose Arnulfo “Wick” Veloso.

“Ang amin pong insurance policy from P4 billion naging P6.8 billion in 2022 at for the first half of the year nasa P4 billion na po kami. In terms of premium, we’re now the biggest insurance company in the country,” Veloso said in an episode of GSIS Ginhawa For All.

‘Multipurpose Loan Flex’

GSIS earlier inked a partnership with the Department of Education (DepEd) in launching its ‘Multipurpose Loan Flex’ program that aims to better the lives not only of government employees but of everyone within the education sector.

Under this program, government employees with a minimum of three years of premium contributions are entitled to avail of a loan amounting to P5 million with a six-percent interest rate and a prolonged repayment period of up to 15 years.

“Kaya napakababa ng interest rate sa pagkat sabi ko kontribusyon ito ng mga miyembro. Hindi na natin to gagatasan. Benepisyo dapat ito sa mga miyembro,” Veloso said.

“Yung interest pinakamababa, pwede po sila magbayad up to 15 years. Ang ibig sabihin babagsak na ang hulog kasi napakahaba ng payment terms or until magretire ka. At up to P5 million or 14 times your salary ang pwedeng i-loan,” he added.

The state pension fund president said this program was intended for emergency purposes, such as hospitalizations which become the root cause of looming debts.

“Gusto natin mabigyan ng pagkakataon lahat ng nabaon po sa utang sapagkat ito ang isang adhikain na gusto namin maayos [...] Pag nagkaroon ka ng critical illness, meron kaming lump sum na ibibigay sayo para hindi ka na magwo-worry kung ikaw ay ma-ospital,” Veloso said.

‘Lease with option to buy’

The GSIS president also explained their “lease with option to buy” program which stemmed from retiring employees yet to have their respective houses.

“Marami po magreretire na lang sila ay wala pa raw bahay. Meron po tayo naforeclose ng GSIS na mga property. Ang una po sinabi po natin, i-lease mo na lang with an option to buy. Wala ka nang down payment,” he said.

Under this program, GSIS rents out its housing units to members. The interested members were given precedence over the property where they can purchase it any time during the one-year lease agreement.

Digitalization efforts

Aside from its programs, GSIS also touts its digitalization efforts as President Ferdinand Marcos Jr.’s instruction when he swore in as the agency’s president: to make GSIS a digitalized organization.

“Ginawa po natin itong ating mobile phone lahat po [nasa] mobile phone na lang. Birth month mo gusto mo mag annual revalidation, mag-selfie ka na lang di mo na kailangan magpunta sa GSIS,” Veloso said, explaining their process for retired employees who should validate their existence every month.

“96 percent digital na ang GSIS, 4 percent na lang ang over-the-counter,” he added.