GSIS launches loan program for gov't workers to buy bikes, e-bikes

The Government Service Insurance System (GSIS) on Monday launched a loan facility that will allow government employees to borrow up to P300,000 for bicycle and electric mobility devices amid the elevated prices of petroleum products.

Dubbed as the Ginhawa Bike and E-Mobility Loan (GBEL), the loan facility will carry an interest rate of 5% per annum, with no service fee charged.

Qualified members may borrow up to 100% of the cost of the unit, covering brand new bicycles, and electric mobility devices such as e-bikes, e-scooters, e-mopeds, cargo e-bikes, folding e-bikes, and other similar electric powered transport units.

“This program will give our members a practical option to manage their daily transportation expenses. We want our members to be able to move through their communities without that financial weight,” GSIS president and general manager Jose Arnulfo “Wick” Veloso said.

The program was launched in line with the Unified Package for Livelihood, Industry, Food, and Transport (UPLIFT) which was ordered by President Ferdinand “Bongbong” Marcos Jr. in March when he declared a national state of energy emergency.

GSIS earlier launched a similar loan program — the Ginhawa Solar Energy Loan (GSEL) — allowing government employees to borrow up to P500,000 to install solar panel systems in their homes.

Under its charter, the GSIS is mandated to ensure that its members are insured against the occurrence of certain contingencies in exchange for their monthly premium contributions. They are entitled to benefits such as life insurance, separation or retirement benefits, and disability benefits. —AOL, GMA News