GSIS says pensions out 3 days earlier on May 5

By: Ben O. de Vera - Philippine Daily Inquirer April 29,2020 - 06:24 PM

Government Service Insurance System (GSIS) pensioners will receive their cash three days earlier than usual in May, according to GSIS president and general manager Rolando L. Macasaet on Wednesday (April 29).

Macasaet said at a Laging Handa press briefing that instead of the scheduled release of some 511,000 retirees’ pension every eighth day of the month, the May payout will be on May 5 or Tuesday next week.

The GSIS released this month’s pension earlier than usual last April 1, but cannot do so on May 1 because it fell on Labor Day, a regular holiday, Macasaet said.

Government agencies also usually do not release money on Mondays, so the earlier May pension will be released nationwide starting next Tuesday.

Macasaet also said more than 40,000 members had already availed of P4 billion worth of loans and other benefits that the GSIS had released so far.

The GSIS expects more borrowers as these loans will be offered until July, Macasaet said.

Also, Macasaet disclosed that the GSIS board, led by its chair, former Chief Justice Lucas P. Bersamin, doubled the amount of emergency loan from P20,000 to P40,000 for the benefit of members who had loans prior to the pandemic, including those hit by the effects of Taal Volcano’s eruption.

The GSIS might also offer online its GSIS Financial Assistance Loan (GFAL) which allows members to transfer debts from loan sharks to the GSIS.

Macasaet said that the GSIS cannot accept GFAL applications at the moment as it entailed members attending financial literacy and loan counselling seminars, which would require them to leave home despite COVID-19 lockdowns.

GFAL, which had been extended until September, could be relaunched online by middle of May, Macasaet said.

GFAL charges an interest rate of 6 percent per annum for loans payable in 6 years that had been transferred by members from private lenders.

At least 230,000 GSIS members had availed themselves of GFAL, with a total of P93.5 billion in loan disbursements to date since it was offered starting in May 2019.

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TAGS: early release, GSIS, May 5, May payout, pension

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