GSIS lowers home loan rates

Man at the Market

Jesse E.L. Bacon II

04/28/2008

In these times of economic hardship, the 6-percent interest charged by the Government Service Insurance System (GSIS) to members availing of housing loans payable in 15 years is welcome. It’ll enable low-income members to have houses of their own and puts substantial investments into housing thus help propel economic growth.

A low interest bearing housing loan encourages more GSIS members to avail of such loan enabling the state-owned pension fund to have more income, because of the volume of the loan applicants, that it can plough back into the economy as investment propelling the local economy to sustain its growth momentum. It’ll further ensure the lengthening of the actuarial life of the agency’s fund.

An amount infused into the housing sector will have positive multiplier effects on the economy. It’ll afford more jobs to the most number in the construction sector, thus making more people economically productive. It will also give peace of mind to the would-be house owner from the constant threat of ejection and annual rental increase.

Productivity in the work place is the long term result when a working person has peace of mind that owning a house can give. Productivity and human development experts will readily attest to this. And peace of mind makes one’s life qualitatively better. The move by the GSIS to reduce the interest rate it is charging to its housing loan portfolio is thus welcome. It is even lower by one percent to the one charged by Pag-ibig, hence, laudable.

Impropriety to the highest degree

Palace bungling spin master Anthony Golez advised Lingayen Archbishop Oscar Cruz to face the music relative the libel case filed by the Department of Justice against him for writing in his column that several Pagcor female staff were reduced to acting as guest relations officers during the lavish birthday party of the First Gentleman years back held at the Palace grounds.

The advice of Golez will sound more convincing if he’ll dish out the same suggestion to functionaries such as Romulo Neri to also face the music by appearing in legislative investigations conducted by a co-equal branch, the Senate, on various anomalies rocking the scandal and corruption-prone Arroyo administration. Golez is doing great disservice to the nation that is paying his monthly salary and allowance for being selective.

When he opened his irrepressible mouth to tell Bishop Cruz to face the music for something that he said the good bishop is solely to be blamed for, Golez only succeeded in inviting public opinion not favorable to the Arroyo administration. He just unnecessarily made the Palace the target for charges of selective justice and for being irrationally vindictive.

Golez would be doing great service to his principal if he just closes his mouth if he has nothing better to say. This columnist does not believe that Golez gets paid for the number of stupid utterances he makes in public but what he can contribute in making the Arroyo administration endearing to the public’s heart.

Personal notes

Two events involving close friends that are in the extreme ends of the human emotions of joy and sorrow happened last week.

Last Saturday we witnessed the wedding of Duke Bajenting, eldest son of our good friend Rey and Liza of Cebu, to Carol Lynn Soriano, daughter of lawyer Julian and Julie of Marikina City, in the Chapel of the Hill in Batulao, Batangas. Duke was the Philippine Collegian editor-in-chief who finished his accountancy studies summa cum laude and topped the May 2003 licensure exams and coveted the prestigious William Smith Gold Medal Award for topping the Certified Internal Auditor international exams participated in by certified auditors all over the world. Duke and Carol, congratulations and best wishes.

Wednesday last week also our former Cebu Capitol co-worker during the term of Gov. Eddie Gulas, Avelino “Dodong” Mabatid, returned to his heavenly home. Our condolence to Dodong’s bereaved wife Salud and children, Alex, Bibo, Susan, Jean and Nina.

(jelbacon@yahoo.com for reactions)

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