State-owned Government Service Insurance System (GSIS) has announced a two-year extension of its housing accounts' condonation and restructuring program. In a statement, GSIS President and General Manager Jose Arnulfo "Wick" Veloso said borrowers have been granted an extended opportunity to take advantage of the loan and restructuring program, with the deadline now extended until December 2025. Veloso said this extension ensures that borrowers have ample time to fully benefit from the program. "Our goal is to update the housing accounts of our borrowers so that their payment becomes convenient, and they also become homeowners,” he said. “The payment can be extended up to ten more years, as long as the buyer or borrower does not reach 70 years old," Veloso added. GSIS offers full payment options for applicants, including a waiver of all remaining penalties and surcharges, as well as an additional discount on outstanding interest. According to Veloso, GSIS borrowers have four available payment methods: payroll deductions, monthly cash or manager's checks, post-dated checks, or through the GSIS Housing Online Payment (GHOP). GHOP is an online payment portal accessible via a borrower's account with Union Bank of the Philippines (UnionBank). Borrowers must register to utilize GHOP. The housing condonation program is one of three components under the GSIS’s umbrella program named Pabahay para sa Bagong Bayani na Manggagawa ng Pamahalaan (PBBM). A second initiative under the PBBM housing program involves constructing and developing mid-to-high rise residential buildings in strategic locations. These will meet member housing needs in these specific areas. The first set of high-rise condos will be built on GSIS properties in Fairview, Quezon City, beginning this year. These two-bedroom units will be available for purchase through installments over 30 years, with no required down payment. Lastly, the third PBBM initiative is the Lease with Option to Buy (LWOB) program, where GSIS leases out available housing units. Priority will be given to current occupants who wish to purchase these units at any point during the lease. Both cash and installment options are available to government employees. To qualify for the LWOB installment sale program, eligible participants must meet certain criteria. These include active GSIS members with a minimum of three years' worth of paid premiums, who have current premium and loan payment records, and not be on an unpaid leave of absence during the application process. In addition, they should have no ongoing administrative or criminal cases and do not have an existing active housing loan with GSIS "GSIS continually seeks to enhance our loan products, helping borrowers make responsible payments while maintaining a healthy pension fund," Veloso said.