House Panel Approves Bill Lowering Gov’t Optional Retirement Age to 56

optional retirement age

The House Committee on Government Enterprises and Privatization has approved a bill seeking to lower optional retirement age among government employees to 56. The House panel decided to pass the substitute bill, a consolidation of nine measures, proposing amendments to Republic Act 8291 or the Government Service Insurance System (GSIS) Act of 1997. “With lower optional retirement age, the retirees can enjoy a better quality of life through their pension and retirement benefits at an earlier age, as a bill is already being introduced to lower age to qualify as…

GFAL Application Process – GSIS Financial Assistance Loan Program

gfal process

The Government Service Insurance System (GSIS) will start to accept applications for the GSIS Financial Assistance Loan (GFAL) program for personnel of the Department of Education (DepEd) starting May 15, 2018. Under the program, GSIS will lend a maximum amount of PhP500,000 to DepEd borrowers to pay the outstanding balance of their loan from accredited private lending institutions. “Instead of offering the GFAL to DepEd personnel in selected cities and municipalities on a pilot run, we decided to open it to all teachers and teaching personnel nationwide because we want…

Starting May 15, 2018 – GFAL Application for Deped Teaching, Non-Teaching Personnel

gfal for teachers

Eligible personnel of the Department of Education (DepEd) may already apply for the Government Service Insurance System (GSIS) Financial Assistance Loan (GFAL) Program beginning May 15 in all GSIS offices nationwide, except the Autonomous Region in Muslim Mindanao (ARMM). This follows last month’s ceremonial signing of the GFAL Memorandum of Agreement (MOA) between the two government agencies represented by Secretary Leonor Magtolis Briones and GSIS President and General Manager Jesus Clint Aranas in the presence of President Rodrigo Duterte in Malacañang. GFAL is the result of more than a year…

Deped: 100% Of PLI Service Fee Goes To Provident Fund For Lending To Personnel

provident fund

PASIG CITY, November 25, 2017 – Contrary to claims that the Department of Education (DepEd) allowed private lending institutions (PLIs) to offer loans to its teaching and non-teaching personnel because it receives “commission,” that small fraction actually goes to the Provident Fund from which all DepEd personnel may benefit. The service fee, which amounts to a measly 0.05%, charged for every remittance of the loan payment of a personnel-borrower, through the Automatic Payroll Deduction System (APDS) comes full-circle to benefit all Department personnel. To date, DepEd’s Provident Fund amounts to P4…

Briones Answers Issues on Teachers’ Debts | DepEd Press Release

Briones noted that the issue of teachers’ debts is a decades-old drama starring the teachers as borrowers, the Government Service Insurance System (GSIS) and private lending institutions (PLIs) as lenders, and the DepEd, which deducts loan payments authorized by teachers to be paid to GSIS and PLIs. She further noted that of these four actors, the teacher/borrower who spends the borrowed money, and the GSIS and PLIs who earn interest benefit from the borrowing activity, DepEd benefits the least. It merely deducts loan payments on the basis of authorizations issued…

DepEd Finding Ways to Help Teachers in Debt

DepEd Finding Ways to Help Teachers in Debt

MANILA, Philippines — The Department of Education (DepEd) said it is finding viable means to address the growing debt of public school teachers, which has reached a staggering P300 billion as of last year. In a statement yesterday, the agency said it is relentless in its pursuit to protect its employees and their families from financial and legal implications of non-payment of debt. It noted that around 23,000 teachers retired this year without receiving pension due to unpaid debts. Among other solutions, DepEd sees the need to curb the culture…