QuestionsQuestions (GSIS Resolution No. 203)
It approves and confirms amendments to the terms and procedural guidelines of the GSIS Consolidated Salary Loan Plus (Conso-Loan Plus) program, specifically extending the maximum loan term, increasing loanable amount, and adjusting the due date of the first monthly amortization.
The resolution amends PPG No. 201-09 on the GSIS Consolidated Salary Loan Plus (Conso-Loan Plus) program, including subsequent amendments under Resolution No. 129 (Aug. 16, 2012) and Resolution No. 134 (Nov. 28, 2013).
Section 36(c) of R.A. No. 8291.
The maximum term of the Conso-Loan is extended from six (6) years to ten (10) years.
Borrowers with at least ten (10) years of Period with Premium Payments (PPP).
It states that extending the term reduces loan amortization by approximately 27% and may increase the maximum loanable amount (ten (10) times BMS) by about 37%.
It increases the maximum loanable amount from 10 x BMS to 12 x BMS for borrowers with at least fifteen (15) years but not necessarily beyond the higher PPP thresholds listed.
It remains at 4 x BMS (From 4 x BMS to 4 x BMS), meaning no change for that PPP bracket.
It remains at 7 x BMS (From 7 x BMS to 7 x BMS), indicating no change for that bracket.
It stays at 10 x BMS (From 10 x BMS to 10 x BMS) for the bracket described as greater than 10 years (and less than 15 years per the table’s next bracket).
It increases from 14 x BMS to 14 x BMS—however, the table indicates no change for the final bracket shown (still 14 x BMS).
It effectively removes the three-month grace period by amending the due date rules depending on the day of the month the loan was granted.
The first monthly amortization is due on the 10th day of the following month.
The first monthly amortization is due on the 10th day of the next following month.
Board Resolution No. 135 dated 5 August 2009 (approving PPG No. 201-09), together with its subsequent amendments under Resolution No. 129 (Aug. 16, 2012) and Resolution No. 134 (Nov. 28, 2013).
It means the provisions of those resolutions and the underlying PPG No. 201-09 are modified in accordance with the further amendments approved in Resolution No. 203.
It authenticates that the resolution was duly adopted and is an official GSIS document reflecting the Board’s action.