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PIA Press Release

GSIS disburses P53.33 billion in loan proceeds in 2009

Cagayan de Oro City (22 January) -- The Government Service Insurance System (GSIS) released around P53.33-billion in loan proceeds in 2009, a 30.16 percent improvement from the P40.97-billion it disbursed in 2008.

The GSIS said 877,502 of its members benefited from the various loan programs of the pension fund. These loan windows include the Consolidated Loan or Conso-loan, the Policy loan the Pension Loan, Cash Advance, and the Emergency loan, which is extended to members who have become victims to calamities.

The GSIS managed to disburse another record amount in loans despite the difficulties it had with its systems, particularly the system slowdowns and shutdowns due to the reportedly defective database management software of IBM.

Records show that in 2009, P4.83 billion in emergency loans was disbursed by the GSIS, P4.47 billion of which went to the 223,496 victims of tropical storms Ondoy and Pepeng.

The amount of emergency loan released last year by the pension fund increased almost three-fold from P 1.6 billion in 2008.

Meanwhile, a total of 56,270 GSIS members availed of the one-time Cash Advance Plus loan program through the GSIS Wireless Automated Processing System (G-W@PS) kiosk. The GSIS loaned P562.7 million in Cash Advance last year.

In addition, the GSIS also released in 2009 around P1.21 billion in pension loan, which benefited 26,838 pensioners, P 2.75 billion in Policy loan (regular and optional) which went to 168,324 members, and P43.98 billion ConsoLoan proceeds, which was availed by 384,728 members.

Today, GSIS members can apply for these loan programs through any of the GSIS Wireless Automated Processing System (G-W@PS) kiosks deployed nationwide. These kiosks are deployed in all GSIS servicing offices and selected government agencies.

Members can also apply for these loan programs via over-the-counter at any GSIS servicing office.

The GSIS extended to its members and pensioners P40.97-billion in loan proceeds in 2008. Of the total, P34.70 billion were Consolidated Loan proceeds, P1.47 billion were policy loans, P1.6 billion were emergency loans, P1.37 million were pension loans and P1.28 billion were cash advance. (PIA) [top]

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