The Government Service Insurance System (GSIS) has waived more than P1.6 billion in penalties and interest discounts to support housing borrowers facing financial difficulties.

Wick Veloso, GSIS president and general manager, said the debt relief under the pension fund’s housing loan program has benefited about 1,143 borrowers as of March 2024.

Specifically, the Housing Accounts Restructuring and Condonation Program (HARCP) has absolved penalties amounting to P1.6 billion and extended interest discounts totaling P121 million.

“The GSIS envisions to help thousands of families under the debt-restructuring program, to lessen the pressures from other financial obligations,” Veloso said.

“This will remove a large amount of stress for many, many families," he added.

The HARCP is part of the 4PH program known as Pabahay para sa Bagong Bayaning Manggagawa ng Pamahalaan that aims to enhance housing opportunities for government employees.

“Our priority at GSIS is to ensure the well-being of our members and our pensioners. We are fully committed to help our members successfully manage their housing loans and secure their homes,” Veloso said.

“Our mission is to offer support — eviction is not our goal. We continuously support them and ceaselessly provide viable solutions in times of need," he stressed.

The HARCP allows borrowers to lower their monthly payments by restructuring their loans, extending their repayment periods up to 10 years, and securing a 50 percent discount on the remaining interest if they pay their debt in full.

Borrowers can also simply pay off their arrears to bring their accounts up to date.

Four payment options are available for borrowers: payroll deductions, monthly cash or manager’s checks, post-dated checks, or through the GSIS Housing Online Payment system.