GSIS taps Bayad Center as payment partner for loan settlements

Government workers can soon settle their Government Service Insurance System (GSIS) loans through the bills-payment chain Bayad Center.

In a statement on Tuesday, Bayd Center said it inked a partnership with the GSIS for their “mutual aim to make GSIS loan repayment more accessible, convenient, and secure for all members and pensioners especially those in the provinces.”

With this, Bayad Center firm was named the state insurer’s official payment solutions partner for loan settlement of GSIS members.

By the first quarter of 2021, the payments firm said its branches and its authorized partners will be able to process all types of GSIS loans such as the Enhanced Salary Loan (ESL), Emergency Loan Assistance (ELA), Summer One Month Salary Loan (SOS), Emergency Loan (EML), and GSIS Financial Assistance Loans (GFAL).

Such features would also be available soon through Bayad Center’s digital partners.

“Enabling simple and hassle-free over-the-counter financial transactions for borrowers is one way of helping them meet monthly obligations. It is our hope that they will be able to reap the full benefits of their loans, and at the same time efficiently manage and repay them on time,” Bayad Center president and CEO Lawrence Ferrer said.

“Ultimately, we want Bayad Center to be readily available for every Filipino’s financial needs, providing meaningful payment and financial services wherever they may be,” Ferrer said.

For his part, GSIS President and General Manager Rolando Macasaet said, “We understand that times have been difficult as we grapple with the on-going pandemic, economic challenges, and natural calamities.”

“We partnered with Bayad Center because we both believe that the provision of affordable financing must go hand in hand with a convenient payment system to be able to truly provide support and assistance,” Macasaet said.

The GSIS chief also assured its members that their personal data would be safe and secure with Bayad Center.

Bayad Center said it has over 40,000 payment touchpoints across the country, thus borrowers don’t need to travel far or miss a day at work to visit GSIS offices.

On top of loan settlements, a wide range of over-the-counter financial transactions can be done at Bayad Center such as bills payment, ATM cash withdrawal, medical reimbursement, airline ticketing, claiming, and remittances. — DVM, GMA News