GOVERNMENT SERVICE Insurance System has partnered with M. Lhuillier Financial Services, Inc. to expand its loan payment solutions. — REUTERS
GOVERNMENT SERVICE Insurance System (GSIS) has tapped M. Lhuillier Financial Services, Inc. to expand its loan payment solutions to about 5,600 collection sites.
GSIS and M. Lhuillier signed a memorandum of agreement on the partnership on Tuesday at the GSIS head office in Pasay City, the pension fund said in a statement on Wednesday.
The partnership will allow GSIS members to pay their loan dues via M. Lhuillier’s 2,576 branches nationwide.
The company joins the CIS Bayad Center, Inc., which also accepts GSIS loan payments via its 3,000 payment centers.
To date, Bayad has collected P173 million in GSIS loan payments.
“We hope to double this feat with M. Lhuillier’s payment solutions of over 2,500 centers,” M. Lhuillier President and Chief Executive Officer Michael Lhuillier was quoted as saying, referring to Bayad’s collections.
“We are honored to be a part of the GSIS payment platforms for the greater convenience of its members and pensioners. We look forward to growing this partnership. Lahat pwede or what we call ‘pwede-bilities’ when you partner with M. Lhuillier,” Mr. Lhuillier added.
GSIS President and General Manager Jose Arnulfo A. Veloso said their partnership with M. Lhuillier will allow the state-run pension fund to leverage on the company’s strategic presence in the South, as 40% of its members and pensioners are in the Visayas and Mindanao.
“We are bringing our ginhawa services closer to our members and pensioners by engaging more payment channels so that our stakeholders need not visit our offices. This will also complement GSIS’s efforts to improve our loan collection efficiency,” Mr. Veloso said.
The official said aside from physical channels, GSIS members can also pay their dues via the mobile apps of UnionBank of the Philippines, Inc. and Land Bank of the Philippines.
“This means more GSIS funds can be made available for our members and pensioners who are in need,” Mr. Veloso added.
“We plan to enter into similar agreements with other payment service providers in the coming months to bring our payment channels to 10,000 over-the-counter and online outlets to enhance our customer experience,” he said.
GSIS booked a net profit of P595.81 billion in 2021, a turnaround from the P94.18-billion loss it posted in 2020. — D.G.C. Robles