Loan Interest by Government Agencies Should Not Be Additional Burden
Government agencies in the Philippines should make sure that the interest they implement on their loan offers is not a burden to the members.
In the Philippines, it is undeniably an edge and a sort of emergency preparation if you have an updated membership to the government entities like the Pag-IBIG Fund, the Social Security System or more popularly called SSS, and the Government Service Insurance System or the GSIS. They widen the options of the members.
The SSS, GSIS, Pag-IBIG Fund, and the other state entities widen the options of their members through the benefit offers and the loans. The benefit offers usually include financial solutions in terms of job loss, sickness, pregnancy, disability, and even death.
The aforementioned benefit offers make sure that the members have something to turn to during financially-challenging situations. Aside from the benefit offers, the Philippine government agencies also offer loans. The list usually includes multi-purpose cash loans, calamity loan, and housing loan.
However, what makes a lot of Filipinos hesitant in availing the loans offered by the government agencies are the interest rates. While they are generally low compared on the interest rates implemented by most banks and other private lending entities, the state lenders should always see to it that the interest rate is not a burden to the member-borrower.
Members usually opt to apply for loans due to dire financial needs and not for luxuries. Most of the time, members apply for loans to augment their financial needs to pay bills, the educational fees of the children, or recover from the impacts of the calamity.
Moreover, only members of the state entity who take a conscious effort of keeping their accounts updated by regularly posting monthly contributions are eligible to the loan offers. In terms of multi-purpose cash loans, there are instances when the loanable amounts depend on the contribution posted by the member. Thus, members may be borrowing their own money and a call for the lowest interest rate possible is really understandable.
Meanwhile, while I Humbly call for really low interest rates under the loan offers of the Philippine government agencies, I also commend the growing offers of the state entities like the Pag-IBIG Fund, the SSS, and the GSIS. Through the years, they continually add loans to the existing offers to make sure they meet the needs of the members.
Disclaimer: The article content presented on top is solely an opinion of the writer. In any form, the writer does not intend to breed false information or grow inaccurate understanding of the issue nor influence the readers. This is solely an expression of one’s viewpoint in a formal manner.