Loan collection efficiency of the Government Service Insurance System (GSIS) is expected to get further boost from its tie-up with Universal Storefront Services Corporation (USSC).
In a statement on Thursday, GSIS President and General Manager Wick Veloso said GSIS member-borrowers can now pay their loans through USSC’s over 800 payment collection sites nationwide, which brought to 6,800 the total number of GSIS’s accredited external payment sites.
“This will encourage our borrowers with arrears to update their accounts conveniently,” Veloso said, adding the partnership’s help in improving the state pension fund’s loan collection efficiency.
Prior to USSC, GSIS tapped Bayad and M. Lhuillier, which have around 6,000 branches around the country, as remitting firms for GSIS loan payments.
USSC chief finance and administrative officer Carlos Borromeo said the agreement is part of their efforts to serve more customers and expanding their network as well.
“The key driver that USSC strives for is financial inclusion in servicing our customers using effective technology, harness that with the strength of our distribution network to provide customers and beneficiaries with efficient, hassle-free, and pain-free service. We hope to extend the same service to GSIS,” he said.
Like Bayad and M. Lhuillier, USSC will soon receive advance GSIS loan payments as well as for those that are underpaid, delayed, unpaid, or already in default after being not paid for more than six months.
GSIS loan borrowers who pay through any of USSC’s payment site will receive a transaction slip to confirm receipt of their payment and a text message on the posting of their payment. They may also validate their payments through their GSIS Touch mobile app account.
As of April 24, GSIS has collected more than PHP346 million for 33,224 transactions through Bayad and M. Lhuillier.
Veloso revealed that GSIS is already in talks with Palawan Pawnshop and SM Corporation to bring the total accredited external service payment providers to over 10,000 outlets. (PNA)
