Nueva Vizcaya Governor Carlos Padilla on November 19 has signed a Memorandum of Agreement (MOA) with the Government Service Insurance System (GSIS) Bayombong Branch to enable government workers to avail of the GSIS Financial Assistance Loan (GFAL).
The GFAL is a debt-consolidation and balance transfer facility to improve government workers’ financial standing.
It gives GSIS members reduced interest rates and longer payment terms when settling outstanding balance with lending institutions, government banks, and government cooperatives.
Qualified GSIS members can apply for a loan of up to P500,000 with an interest rate of 6% per annum.
This amounts to P9,634.44 per month for 72 months.
The amount will be deductable from a government worker’s salary.