GOVERNMENT employees, especially public school teachers, with debts from private lending institutions (PLI) may now breathe easy, as the Government Security Insurance System (GSIS) is extending a Financial Assistance Loan (FAL) to its members.

Frederick Parajas of GSIS Dagupan Branch, said that employees may apply for a loan up to P500,000.

He said the minimum requirements are: At least three years of fully paid premium, at least P5,000 take home pay after all deductions. The amount of loan will still depend on their paying capacity.

The program, he said, has only a six-percent interest rate, and payable within six years.

Interested applicants may submit an application form from the GSIS, statement of accounts, borrower loan agreement, and pay slips for the past three months.

The GFAL is also open for top-up, meaning that the GFAL may be used to cover employee’s debts from PLIs, and take the remainder of the total GFAL loan.

The GSIS Dagupan Branch is open on weekdays from 8am to 5pm, while from 9am to 4pm on Saturdays.

Meanwhile, Parajas reminded DepEd employees that they have until December 31 to apply for the GFAL program. (Ahikam Pasion)

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