GSIS Sells P313-M in Housing Units under GMA HeLPS

The Government Service Insurance System (GSIS) has sold house and lot units worth P313.91 million last year through its asset disposition program dubbed as Garantisadong Mababang Amortization na House En Lot Para Sa’yo or GMA HeLPS.

Launched in May 2007, GMA HeLPS offers one of the lowest interest rates in the market at six percent, compounded annually. But unlike the programs of other institutions, the six percent interest rate under GMA HeLPS is fixed throughout the term of the loan, thus, not subject to re-pricing.

In addition, unlike other GSIS programs, GMA HeLPS is open to both members and non-members.

The GSIS was able to sell more than 344 house and lot units last year under this program.
Installment buyers will be entitled to a maximum repayment term of 30 years but not to exceed the difference between 70 and the buyer’s age at the time of filing the application.

“With the help of GMA HeLPS, which offers the most attractive interest rate there is in the local market, dreams of owning a house is no longer far-fetched,” GSIS President and General Manager Winston F. Garcia said. “This is in line with the vision of President Gloria Macapagal-Arroyo of making owning a house very affordable for everybody.”

Majority of the housing units under the program are livable and located in subdivisions with complete amenities and with existing communities in over 70 locations, including key cities in Metro Manila, Bulacan, Rizal, Leyte, Western Samar, and South Cotabato.

GMA HeLPS also has easy and multiple payment options, allowing home buyers to squeeze in a few luxuries into their budget. Options include over-the-counter payments, post-dated checks, and salary deductions for members. A three-month grace period is also given before payment of the first monthly amortization.

Unlike banks which have imposed stricter requirements, the GSIS has also waived the application fee for interested parties and demands minimal documentary requirements.

Any individual or corporate entity who has the legal capacity to acquire real property in the Philippines may acquire these foreclosed properties either in cash or installment basis. Cash buyers will be entitled to a 10-percent discount on the selling price of the property.

The individual buyer must not be more than 65 years old at the time of filing of the Offer to Buy; has no delinquent loan account with the GSIS; and not an employee of the GSIS directly involved in the disposition of acquired assets.

On the other hand, for institutional buyers, they must be a domestic corporation, provident fund, association, local government unit, and the like; must be allowed by its by-laws to purchase a real property in the Philippines; and must have a specific authority to acquire real properties from the GSIS.

The maximum loanable amount shall be the selling price of the property less the P5,000 reservation fee and five percent down payment.

To get a listing of the inventory of properties for sale under this program, a prospective buyer may simply visit the GSIS website at www.gsis.gov.ph or inquire from the nearest GSIS servicing office.

GSIS gets Partner-Hospital in Iloilo under GHSP

Over 100,000 members and pensioners of the Government Service Insurance System (GSIS) in Western Visayas can now avail of as much as 40 percent in discount in their hospital bills after the GSIS named the West Visayas State University Medical Center (WVSUMC) in Iloilo City as its latest partner-hospital under the GSIS Hospitalization Support Program (GHSP).

WVSUMC is a five-storey, 300-bed hospital for service and pay patients. It is about a five to 10-minute walk from the main campus of West Visayas State University, which is located at Luna St., La Paz, Iloilo City. WVSUMC became the 7th accredited hospital under the GHSP.

The other partner-hospitals of the GSIS under this program include Davao Medical School Foundation Hospital in Bajada, Davao City; University of Santo Tomas Hospital in Manila; Capitol Medical Center in Quezon City; Lorma Medical Center in San Fernando, La Union; Perpetual Succour Hospital in Cebu; and the Angeles University Foundation Medical Center in Pampanga.

Launched in 2004, the GHSP works like an exchange deal between the GSIS and the partner-hospitals wherein the pension fund buys medical equipment and lends these to the select hospitals. In exchange, the partner-hospitals provide discounts to GSIS members and pensioners. The medical equipment remain the property of the GSIS.

Those covered by the discounts are members, their dependents and old-age pensioners.
Among the benefits offered to them under the GHSP include discounts in medical services including outpatient services and emergency cases, medicines as well as discounts in professional fees of select physicians.

Patients can avail of a 40-percent discount if they undergo special diagnostic procedures, 35 percent for common procedures, 30 percent on room rates, and 10 percent on professional fees including consultation fees.

If the patient has an eCard, he may just present this card to the GSIS coordinator in the partner-hospital upon admission to avail of the discounts. If the patient does not have an eCard, he should present his office ID and verify with the coordinator if his name is included in the list of eligible recipients of the GHSP benefits contained in a CD.

If the patient has no eCard and is also not included in the CD list, he should go to the Medical Services Group of the GSIS and get a certificate of eligibility. The patient can use this certificate to avail of the GHSP discounts in any partner-hospital.The GHSP can also be used in combination with the Philhealth card and health maintenance organization (HMO) card of the patient. In availing of the hospitalization discount, Philhealth will be applied first, followed by the HMO and finally the GHSP.