Basis for Amendments and Review
- The Financial Management Group reviewed the conditions of available GSIS loan windows to increase loans for members funded by the Social Insurance Fund.
- The review referenced Section 36 (c) of Republic Act No. 8291.
Extension of Loan Term
- The Conso-Loan maximum term was extended from six (6) years to ten (10) years.
- This extension applies to borrowers with at least ten (10) years of Period with Premium Payments (PPP).
- Extending the loan term reduces amortization by about 27%, providing financial relief to borrowers.
Increase in Maximum Loanable Amount
- Borrowers with at least fifteen (15) years of PPP are eligible for increased maximum loanable amount.
- The maximum loanable amounts were increased based on the PPP as follows:
- Less than 20 months: ₱10,000 (no change)
- More than 20 months: 3x Basic Monthly Salary (BMS) (no change)
- More than 40 months: 4x BMS (no change)
- More than 5 years: 7x BMS (no change)
- More than 10 years: 10x BMS (no change)
- More than 15 years: increased from 10x to 12x BMS
- More than 25 years: 14x BMS (no change)
Amendment of First Monthly Amortization Due Date
- The former three-month grace period was effectively removed.
- The first monthly amortization due date depends on the loan granting date:
- Loan granted on or before the 10th day of the month: amortization due on the 10th day of the following month.
- Loan granted after the 10th day: amortization due on the 10th day of the next following month.
Official Amendments and Confirmations
- The amendments supersede and amend previous Resolutions No. 135 (August 5, 2009), No. 129 (August 16, 2012), and No. 134 (November 28, 2013).
- Certification and confirmation were made by relevant GSIS officials including the Corporate Secretary and Board Trustees.