The Government Service Insurance System (GSIS) in the Philippines has successfully gathered approximately PHP113 million in loan repayments over the past 10 months.
This is a result of the GSIS’s collaboration with the payment service provider Bayad (formerly known as Bayad Center).
To date, GSIS has authorised 3,003 Bayad outlets across the region to receive payments for loans that are advanced, underpaid, delayed, or in default for more than six months.
A wide variety of loans can now be paid through Bayad, including the Enhanced Salary Loan, Emergency Loan Assistance, and the Summer One Month Salary Loan, among others. This list extends to the Enhanced Consolidated Loan, Home Emergency Loan Program, and educational and policy loans.
To complete payments, GSIS members must present either SMS notifications from GSIS or display their loan balances as shown on the electronic GSIS Member Online (eGSISMO) system or via the GSIS Touch mobile app. They must also fill out a Bayad form with details such as their full name, business partner number, and the specific type of loan they are settling.
Following payment at any of Bayad’s authorised collection points, members will receive a confirmation text message. They can also check their payment records using eGSISMO or through the GSIS Touch app. Additionally, GSIS emails members a copy of their official receipt.
GSIS has also expanded its payment options to include online transactions through the Union Bank of the Philippines and the Land Bank of the Philippines.
In other news from the Philippines, the Insurance Commission recently revealed the microinsurance sector’s significant growth in 2023.
