Restructuring Program for GSIS Member with Outstanding Educational Loan

Calling the attention of all members of Government Service Insurance System (GSIS) with an outstanding balance under the Educational Assistance Loan (EAL).

The agency is offering a restructuring program for around half a million members with an outstanding balance.

This is the second phase of the program where a member may renew their educational loan and obtain a P10,000 gross amount from which the outstanding balance of the first loan will be deducted.

The Educational Assistance Loan II is open until December 31, 2017, and GSIS has earmarked a total of P6.33 billion for restructuring facility.

Who is allowed to apply for EAL II?

• Active members may apply if they have existing educational loan
• Have no pending administrative case or criminal charge
• Members who are not on leave of absence without pay
• Have remitted at least three monthly premium contributions within the last six months prior to loan application
• have a minimum net take-home pay of P4,000.00 after all required monthly obligations have been deducted.

The educational loan this year is payable in 60 equal monthly installments of P216.67 at 6% interest per annum computed in advance.

Where to Apply for a loan?

Qualified members must personally apply for the loan in any GSIS office. The loan proceeds will be credited to the borrower’s GSIS eCard or unified multipurpose identification (UMID) card.

For inquiries, members may call the GSIS Contact Center at 847-4747; email gsiscares@gsis.gov.ph; or visit the GSIS website, www.gsis.gov.ph.

Click for the list of all GSIS Branches and Extension Offices Nationwide

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P3 Easy Govt Loan Program As An Alternative To 5-6, Goes Nationwide

(Government offers safer and low interest alternative for 5-6 lending scheme)

First implemented in Mindoro, Sarangani, and Leyte earlier this year, now the Pondo sa Pagbabago at Pag-asenso  (P3) is already available nationwide starting May 31, 2017.

Because of this micro-entrepreneurs around the country will now have an access to cheap and easy loan from P5,000 and P100,000 with no collateral requirement.

Microenterprises and entrepreneurs are the primary beneficiaries of the P3 Program including market vendors, agri-businessmen, a member of cooperatives and industry associations.

(The following information are taken from small business corporation website, DTI's partner in 3P implementation)

For additional information, interested applicants may call SMALL BUSINESS CORPORATION P3 Hotline (+ 632 813-5711)

You Can also Call or text the following numbers:

Head Office/Southern /Central Luzon (Smart: 0928-768-4674 /Globe: 0956-688-9496)

North Luzon (Smart: 0949-712 -0802/Globe :0956-688-9518)

Visayas (Smart: 0921–534-3584/Globe: 0995-549-2889)

Mindanao (Smart: 0949-712-0780 /Globe: 0956-674-0639)

You can also inquire in DTI Negosyo Center o call in DTI Direct (+632 751- 3330/ +63 917 834-3330)

P3 will also make it easy for borrowers since it will only require minimal documentation requirement; easy to access with only one (1) day processing of application; low-cost interest at 2.5% per month; and easy payment with collection on a weekly or daily basis, as necessary.

The P3 is Department of Industry or DTI's program following President Rodrigo Duterte's directive to replace the “5-6” money lending system.

P3 is P1 billion financing program intended to give MSMEs better access to finance, and to reduce their cost of borrowing. 
(Mababang interes sa mga gustong magkapuhunan, alok sa programang pautang ng DTI na P3)

The program also aims to help stabilize supply and cost of commodities in public markets, encourage small entrepreneurs to grow their businesses, eliminate loan sharks, and offer employment and generate income for Filipinos.

DTI Undersecretary for Regional Operations Zenaida Maglaya said the administration’s brainchild of micro-finance facility encourages micro entrepreneurs to borrow money from P3 that will help them finance their businesses.

With sufficient funds to provide to borrowers, the Department of Trade and Industry (DTI) and its micro-financing arm Small Business Corporation (SB Corp) will lead the implementation that will assist microentrepreneurs financially and enable them to grow their businesses.

(Failon Ngayon: P3 as an alternative credit system to 5-6)

Being the administration’s program to provide an affordable micro-financing for the country’s micro-entrepreneurs, the P3 funding program provides micro enterprises an alternative source of financing that is easy to access and made available at the cheapest cost.

(24 Oras: Mahigit 100 maliliit na negosyo, nakakuha na ng loan sa DTI P3)

The P3 Program was launched in Tacloban in Leyte on January 25, San Jose, Occidental Mindoro on January 27, and Alabel, Sarangani last January 30. A total of P7.7 million have been released to individual borrowers in these pilot areas: P3.5 million in Mindoro, P2.2million in Sarangani, and P1.8 million in Leyte.

The fund will also give priority to the country’s 30 poorest provinces.

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5-6 IS GONE! GOVERNMENT WILL LOAN PINOY FROM P5,000 TO P300,000 FOR BUSINESS

The Government is launching a lending program called Pondo sa Pagbabago at Pag-asenso (P3). They will start the program by March 2017, according to reports and will lend money to around 10,500 micro, small and medium Entrepreneurs this 2017 alone.  

With a P19 billion worth of fund for the next five years, the program is aimed to finance micro,  small and medium businesses. And to eliminate 5-6 lending which charges a huge amount of interest (20%) per month.

“The P3 is designed to bring down the interest rate at which micro-finance is made available to micro enterprises,” said Trade Secretary Ramon Lopez.

For 2017, the allocated budget for the program is P1 billion. 

Initially, the program will be launched in the provinces of Mindoro and Leyte islands and Sarangani, which are among the top 30 poorest provinces. Eventually, we hope that this will be implemented all through out the country.

SOME 20 POOR PROVINCES IN THE PHILIPPINES

20. Sorsogon (Region 5)

19. Zamboanga Sibugay (Region 9) 

18. Negros Oriental (Region 7) 

17. Leyte (Region 8) 

16. Catanduanes (Region 5) 

15. North Cotabato (Region 12) 

14. Western Samar (Region 8) 

13. Mt. Province (CAR) 

12/11. Lanao del Norte (Region 10) 

12/11. Eastern Samar (Region 8) 

10. Agusan del Sur (Caraga) 

9. Siquijor (Region 7) 

8. Zamboanga del Norte (Region 9) 

7. Sultan Kudarat (Region 12) 

6. Bukidnon (Region 10) 

5. Maguindanao (ARMM) 

4. Northern Samar (Region 8) 

3. Sarangani (Region 12)

2. Sulu (ARMM) 

1. Lanao del Sur (ARMM) 

"Fund delivery to micro-enterprises shall be carried out in either by wholesale lending to non-bank financial institutions like MFI-NGOs, and cooperatives which shall on-lend the fund to beneficiaries or by direct lending by SB Corp, ” Lopez said.

Priority for the program are those entrepreneurs who doesn't have easy access to credit. Examples are agri-businessmen or farmers, vendors, and micro entrepreneurs like sari-sari store owners, and many more. 

The good thing about the program, is that it does not require collateral. Borrowers can avail minimum of P5,000 to as much as P300,000. The interest rate shall be 2.17% monthly, a big difference compared to the 5-6 interest rate of 20% monthly. 

"This alternative funding dedicated for micro and small enterprises is meant to discourage the 5-6 money lending system in our country,” said Lopez

“Fund delivery to microenterprises shall be carried out either by wholesale lending to non-bank financial institutions like microfinance institutions (MFIs) and cooperatives, which shall on-lend the fund to beneficiaries, or by direct lending by SB Corp,” Lopez explained.

References:

Inquirer/Standard

This article is filed under: Finance, Government Loan, Business Loan, Business Loan from Government
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