GSIS launches MPL Max Loan Buyout Program for government workers

GSIS launches MPL Max Loan Buyout Program for government workers

The Government Service Insurance System (GSIS) has introduced a loan buyout program, MPL Max, allowing government employees to consolidate their debts with interest rates as low as 6%.

GSIS President and General Manager Wick Veloso highlighted the initiative’s goal of protecting members from high lending rates. “MPL Max is more than just loan consolidation—it’s about offering financial relief and stability to our members burdened by debt,” he said.

To participate, GSIS and the employee’s agency must first sign a memorandum of agreement. Once enrolled, members can combine all their loans into a single one with lower interest rates and extended repayment terms. Borrowers may take out up to 19 times their salary or a maximum of P5 million, repayable over ten years. The program eliminates surcharges on existing GSIS loans, waives service fees, and includes free loan insurance with no penalties for early repayment.

Eligible applicants must have contributed at least one month’s premium in the past six months, have no existing multi-purpose loans or defaulted GSIS Financial Assistance Loans, and meet the required net take-home pay. They must also be free of administrative or criminal cases. Required documents include an application form, borrower loan agreement, statements of account, and identification documents from lending institutions.

Applications must be submitted in person after scheduling an appointment through the GSIS Touch facility. Once approved, GSIS will directly settle the member’s outstanding loans with lenders, with any excess funds credited to their GSIS eCard or ATM account. Monthly payments will be deducted automatically from the borrower’s salary.

For more details, members can visit the GSIS website (www.gsis.gov.ph), follow @gsis.ph on Facebook, email gsiscares@gsis.gov.ph, or call the GSIS Contact Center at 8847-4747.