GSIS grants 90-day loan payment moratorium

Published April 9, 2020, 12:00 AM

by manilabulletin_admin

By Chino S. Leyco

State-run Government Service Insurance System (GSIS) has implemented a three-month moratorium on loan payments of members and pensioners as well as housing loan borrowers.

GSIS logo (Courtesy of gsis.gov.ph)
GSIS logo (Courtesy of gsis.gov.ph)

In a statement, Rolando Ledesma Macasaet, GSIS president and general manager said that the pension fund’s board of trustees approved Resolution No. 42-2020 granting a moratorium on loan payments.

Macasaet said the moratorium is in compliance with the “Bayanihan Heal as One” law enacted by President Duterte to alleviate people’s burden during the enhanced community quarantine (ECQ) amid the spread of coronavirus pandemic.

Under the “Bayanihan” law, otherwise known as Republic Act 11469, all lending institutions, including GSIS, should grant a 30-day grace period or ex¬tension on loan payments during the ECQ period without imposing interest or penalties on borrowers.

For this reason, Macasaet said that collection of loan payments due for the months of March, April and May 2020 shall be deferred.

 
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