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 last May 1 in Malacañang.
In a statement on Tuesday, Budget and Management Secretary Florencio Abad said the EAFP would allow 200,000 SSS members and 1.4 million GSIS members to receive funding assistance for four-year degree programs as well as technical and vocational courses.
Abad said the move is also part of the government’s move to help strengthen the country’s workforce.
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 per semester 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. (PIA)