State pension fund Government Service Insurance System (GSIS) extended the condonation program for its former members until June 30 this year.
The extension of Program for Restructuring and Repayment of Debts (PRRD) aims to give GSIS inactive members more time to pay their existing loans under this program or apply for a new one.
"Dito ay tatanggalin namin ang penalties sa kanilang mga naiwang loan noong sila ay umalis sa serbisyo (We will remove the penalities left on their unfinished loan on the time they have retired from service)," GSIS President and General Manager Rolando Ledesma Macasaet said.
Macasaet also encouraged inactive members to apply for PRRD which has a three-year installment basis option and 10 percent interest per annum only.
PRRD loans include salary loans, cash advances, consolidated loans, emergency loans, educational assistance loans, policy loans, and more.
If the borrower is a retiree who is expecting to receive a pension at the age of 60 or 65 years, the payment can be easily deducted from their pension. However, if the loan will be settled by a legal spouse, the payment can be deducted from the spouse's GSIS survivorship pension or through the almost 3,000 Bayad partner outlets nationwide.
PRRD loans can be settled at GSIS offices or Bayad centers.
“We are intensifying our efforts to recover and collect outstanding loan accounts through the program. Bahagi ito ng patuloy na pangangalaga namin sa pondo ng GSIS para masigurong hindi maaantala ang pagtanggap ng miyembro sa kanilang benepisyo (We are intensifying our efforts to recover and collect outstanding loan accounts through the program. This is a part of our continuous protection of the GSIS fund to make sure that the members will receive their benefits without delay)," Macasaet added. (Luisa Cabato)