Question & AnswerQ&A (GSIS Resolution NO. 140)
The eCard Plus Cash Advance (eCAP) Program is a loan facility governed by the policy guidelines approved by GSIS Resolution No. 140, aimed at providing cash advances to GSIS members under specified terms and conditions.
The resolution was adopted on October 18, 2006, during Board Meeting No. 19.
The first monthly amortization is due on the 10th day of the third calendar month following the granting of the loan.
After the first monthly amortization, payments are due every 10th day of the succeeding months until the loan is fully paid.
Payments are applied in the following order: first to the principal, then to the interest, and finally to any penalty.
The Board of the GSIS (Government Service Insurance System) approved the policy guidelines.
The policy guidelines become effective upon approval by the GSIS Board.
The full text is available at the Office of the National Administrative Register, U.P. Law Complex, Diliman, Quezon City.
Modifications included setting the due date of the first monthly amortization on the 10th day of the third calendar month after granting the loan and the specified order of payment application: principal, interest, and penalty.
Resolution No. 140 legally establishes the operating procedures, payment terms, and priorities for application of payments, providing a clear framework for loan administration under the eCAP Program to protect both GSIS and its members.