The Government Service Insurance System (GSIS) on Wednesday announced a new loan program that gives borrowers an additional credit line and helps them consolidate and pay the balance on their outstanding loans.

In a statement on Wednesday, the state-run pension fund said it would launch today the GSIS Multipurpose Loan (MPL) facility, which would offer low interest, enhanced loan consolidation feature, a longer payment term and one-time waiver of surcharges on all due and demandable GSIS loan accounts of its members, except housing and policy loans.

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