Reception Hall, Malacañan Palace
April 16, 2018
President Rodrigo Roa Duterte witnessed the signing of the Memorandum of Agreement (MOA) for the implementation of the GSIS Financial Assistance Loan (GFAL) Program that aims to improve the plight of the teachers between the Department of Education (DepEd) and the Government Service Insurance System (GSIS) at the Reception Hall in Malacañan Palace.
The signatories included DepEd Secretary Leonor Briones and GSIS President and General Manager Atty. Jesus Clint Aranas.
The MOA “seeks to refinance the outstanding loans of DepEd personnel, with private lending institutions accredited by DepEd, at much lower interest rates. It also aims to improve the financial capability of teachers and ensure the preservation of their GSIS benefits.” Alongside the GFAL’s implementation is the conduct of a financial literacy program for teachers in order to guide them on how they can better manage and dispose their funds.
Under the MOA, the Department of Education “shall prioritize the payment of GSIS loans over and above the payment of loans taken by DepEd personnel from lending institutions, as well as the deduction from its payroll of the monthly amortizations due on the loans taken by DepEd personnel under GFAL, until fully paid.” For its part, the GSIS shall complete the policy documentation within 30 days upon the execution of the agreement.
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