Members of the Government Service Insurance System (GSIS) and the Social Security System (SSS) can now borrow money from the government so they or their children can complete college or get vocational courses.
The P11.2-billion education assistance fund was among the benefits announced by President Benigno S. Aquino III during the Labor Day celebration yesterday in Malacañang.
“Today, qualified members no longer have to cling to five-six loans to send their children to school. Filipino workers can now rely on a more practical and more fair means to invest on their future,” Aquino said in Filipino in his speech at the Labor Day breakfast meeting with labor leaders.
Budget Secretary Florencio Abad said the Educational Assistance Fund Program (EAFP) will allow
200,000 SSS members and 1.4 million GSIS members to receive assistance for four-year degree programs and technical/vocational courses.
Under the EAFP, Abad said P4.2 billion will go to GSIS members, while P7 billion will be allotted to the SSS.
Any GSIS member can borrow P4,000 at 6 percent interest payable over a 5-year period, while an SSS member with a monthly salary of P10,000 can avail himself of as much as P120,000 in education assistance.
By GENALYN D. KABILING