GSIS disburses record P289B for MPL programs

The Government Service Insurance System (GSIS) announced on Saturday that it has disbursed a record P289 billion for its Multi-Purpose Loan (MPL) programs, benefiting over 1.2 million government employees nationwide.

Since the launch of the MPL Flex program in September last year, GSIS has released P282 billion to more than 1 million members, marking a 35.5% increase from PHP208.17 billion in its first year of implementation.

GSIS also extended another P7.2 billion under the MPL Lite program for short-term financial needs of active members.

MPL Flex consolidates all existing loans except housing loans and offers up to 14 times monthly base pay, capped at P5 million, with a 6% annual interest rate and repayment terms extending to 15 years.

GSIS President Wick Veloso highlighted the program's effectiveness and significant demand among members, noting its rapid growth in less than two years.

The pension fund reported robust financial standing, with total assets growing by 8% to P1.8 trillion and net income from operations jumping by 58% to P120 billion.