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Manila Bulletin devider Business devider GSIS extends loan restructuring, condonation program until May 2025

GSIS extends loan restructuring, condonation program until May 2025

Published Aug 12, 2024 01:18 am

State-run Government Service Insurance System (GSIS) has extended the restructuring program for service loans (RPSL) until May next year to provide borrowers with more time to take advantage of longer and more manageable payment terms.

In a statement, Wick Veloso, GSIS president and general manager, said the pension fund is offering a restructuring and condonation program until May 19, 2025, for all overdue loans.

“This underscores our commitment to help members and pensioners manage their financial well-being and get back on track by offering flexible terms and condoning penalties," Veloso said.

Launched in May of the previous year, the GSIS RPSL is a new restructuring program that offers delinquent borrowers increased options for reducing their outstanding balances and provides a more adaptable and affordable method for repaying their loans.

This program is specifically tailored to assist former members, retirees, reemployed members, borrowers who have previously used PRRD, and individuals with overdue loans.

The initiative presents a one-time opportunity for condonation and restructuring, which simplifies loan management and facilitates the settlement of due and payable service loans, as well as associated penalties and surcharges.

Borrowers can seek participation in the program through the GSIS Touch, over-the-counter (OTC) payments at any GSIS branch, M. Lhuillier, USSC, or via UnionBank or Landbank mobile or web applications.

Applicants must furnish a properly completed form along with a photocopy of their GSIS ID, Phil ID, passport, or any two valid government-issued IDs.

The RPSL covers a wide range of service loans including the GSIS Salary Loan; Enhanced Salary Loan; Restructured Salary Loan; Emergency Loan Assistance; Summer One-Month Salary Loan; Member’s Cash Advance; eCard Plus Cash Advance; Consolidated Loan; and Enhanced Consolidated Loan.

It also included Emergency Loan; Home Emergency Loan Program; Study Now, Pay Later; Fly PAL, Pay Later; Educational Assistance Loan; Stock Purchase Loan; Policy Loan; Optional Policy Loan; GSIS Financial Assistance Loan; Program for Restructuring and Repayment of Debts; Multipurpose Loan; Computer Loan; and other future loans.

“We urge government employees to reach out to our customer service team, visit our website or branches nationwide to apply. Our dedicated team is ready to assist and provide personalized support tailored to your needs,” Veloso said.

Borrowers availing of the program can choose to pay in full or through installments. For installment payments, a down payment of 10 percent to 75 percent is required, with the remaining balance payable over up to five years at an interest rate of three percent to six percent.

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Government Service Insurance System GSIS loan condonation program
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