A new loan program from the state pension fund aims to help government employees cut down what they spend on getting to and from work.
The Government Service Insurance System rolled out this new program on Monday. It lets qualified members borrow money to buy bicycles or electric rides like e-bikes, e-scooters, e-mopeds, cargo e-bikes, and folding e-bikes. However, it’s important to note that the items must be brand new.
A borrower can take out a loan for the full purchase price, but not more than Php300,000. The payment period runs for three years (36 months). Interest is set at 5 percent per year, and there is no fee to process the loan.
- How to register e-bikes in LTO Philippines
- LTO Classification of E-Bikes and E-Scooters: Helmet, License and Registration Requirements
GSIS President Wick Veloso said the idea is to give government workers a more affordable way to move around.
The program backs a wider government effort led by President Ferdinand R. Marcos Jr. to build more liveable and easy-to-get-around communities. That effort is called UPLIFT, which stands for the Unified Package for Livelihood, Industry, Food, and Transport.
GSIS also noted that this bike and e-mobility loan follows an earlier one called the Ginhawa Solar Energy Loan. That older program helps members lower their electric bills at home. The new one does the same thing but for travel costs instead of electricity.
For interested Filipinos who want to avail of the loan program, applications are done online through the GSIS Touch mobile app.