Four facts about GSIS to Refinance teaching and non-teaching staff:

Four facts about GSIS to Refinance teaching and non-teaching staff:

1. The deal "seeks to refinance the outstanding loans of DepEd employees with private lending institutions accredited by the agency at a much lower interest rates."

2. Under the agreement, teachers will also undergo a financial literacy seminar in order to guide them in the management and disposition of their funds.

3. Qualified members may borrow up to P500,000 as long as their take-home pay does not fall below P5,000 of their deducted monthly obligation.

4. The loan is payable in monthly installments for six years at six percent interest rate per annum computed in advance.

Reference:

https://www.msn.com/en-ph/news/national/deped-gsis-sign-agreement-to-address-financial-woes-of-teachers/ar-AAvWIsD

GMA News Online, Parco, Bernadette, 4/16/2018