GSIS Resolution No. 190 (2006)
INCREASE IN THE MAXIMUM LOANABLE AMOUNT
(NAR) VOL. 18 NO. 1/JANUARY - MARCH 2007
[ GSIS RESOLUTION NO. 190, December 20, 2006 ]
INCREASE IN THE MAXIMUM LOANABLE AMOUNT
RESOLVED, to APPROVE the increase in the maximum loanable amount under the GSIS Consolidated Salary Loan (Conso-Loan) Plus Program to a sum equivalent to two (2) times the Basic Monthly Salary (BMS):
1. The two (2) BMS will replace the P10,000 or P15,000 increment originally provided in the Conso-Loan Program.
2. Rate of return for the money placed in the Conso-Loan will be 12%, which is higher than the 5-year Treasury Bond coupon rate of 7.25%. The proposed amendments to the loan amount are as follows: Record of Creditable Previous Proposed Services < 20 mos 10 k None > 0 mos 1 BMS + 10 k 3 BMS > 40 mos 2 BMS + 10 k 4 BMS > 5 years 5 BMS + 10 k 7 BMS > 10 years 8 BMS + 10 k 10 BMS > 15 years 8 BMS + 15 k 10 BMS Adopted: 20 Dec. 2006 (Board Meeting No. 23)