The Government Service Insurance System (GSIS) has helped more Filipinos achieve their fundamental right to home ownership through its Pabahay sa Bagong Bayaning Manggagawa (PBBM) initiative.

In support of the government’s 4H housing program, the GSIS has made the dream of having a home possible for more than 5,000 members and non-members through the Lease with Option to Buy (LWOB) and Housing Accounts Restructuring and Condonation Program.

“Home ownership is more than just shelter – it is a basic human right, even more fundamental than suffrage or the right to vote,” GSIS President and General Manager Wick Veloso emphasized.

“Through our housing programs, we ensure our members have access to this life-changing opportunity while helping safeguard their future. ”

As of December 2024, the LWOB program has empowered 3,360 households to work toward owning their dream homes through reasonable means, with properties under the program valued at P2.84 billion. The initiative helps GSIS sustain its commitment to provide affordable housing options for government employees.

Meanwhile, the Housing Accounts Restructuring and Condonation Program (HARCP) has provided relief to 1,618 borrowers by condoning P2.6 billion in penalties and granting P175 million in interest discounts, making home ownership more attainable for public servants. The program has helped members successfully complete their payments and achieve full home ownership and avoid cancellation or foreclosure of the property.

One of the beneficiaries of the LWOB program, Mabel Perez, an employee of the Institute for the Administration of Justice – UP College of Law, shared how the program made her dream of having her own home a reality. “This is the best help that GSIS gave me. I’m very happy with their pricing. With LWOB, it’s the easiest way to own a house,” she said, adding that she encourages other government employees to avail themselves of the program.

In addition to addressing the housing needs of its members, the GSIS has generated revenue to support its long-term obligations. As of December 2024, the GSIS reported P428 million in lease income and gains from home sales, P272 million from real estate loans, and P162 million from security deposits of completed transactions.

The GSIS’s strong financial results as of the third quarter of 2024 has supported its capacity to provide affordable home ownership programs. Its total assets increased by eight percent, to P1.8 trillion, while net income from operations surged by 58 percent to P120 billion. Overall revenues climbed to P258 billion, reflecting a 27 percent growth compared to last year’s P204 billion.
In a related development, the GSIS allocated over P1.8 billion in emergency loans to help 72,846 active members and pensioners in Negros Occidental affected by the eruption of Mount Kanlaon. Applications for the loan are open until Jan. 21, 2025.

Eligible applicants include active members who live or work in areas declared under a state of calamity. They must have updated premium payments within the last six months, no overdue loans for more than six months, and a minimum take-home pay of P5,000 after deductions. Members on leave without pay or with pending administrative or criminal cases are not qualified.

Old-age and disability pensioners residing in the affected areas can also apply if their net monthly pension remains at least 25 percent after loan deductions.

Members with no existing emergency loan and eligible pensioners can borrow up to P20,000. Those with an outstanding emergency loan may apply for up to P40,000, with the remaining balance deducted from the new loan. The loan carries a six percent annual interest rate and is payable over three years. It also includes redemption insurance, which clears the borrower’s remaining balance in case of death, provided payments are up to date.

Loan proceeds will be credited directly to the borrower’s eCard or UMID card.