State-run pension fund Government Service Insurance System (GSIS) has credited ₱7.3 billion in loan amortization refunds to more than 500,000 government employees and pensioners.

The initiative is part of the Balik Ginhawa program, which has posted a high success rate, with nearly 90 percent of the almost 600,000 applicants already processed and confirmed as eligible.

GSIS President and General Manager Jose Arnulfo “Wick” Veloso said in a statement on Tuesday, April 21, that the program is a key component of the government’s coordinated relief efforts amid the global oil crisis.

The program aligns with the Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT), a “whole-of-government” strategy aimed at helping Filipino workers manage rising living costs.

Under the program, eligible members receive a one-time lump-sum credit equivalent to up to three months of loan amortizations covering December 2025, January 2026, and February 2026.

While the loan term is extended by the corresponding refund period, no additional interest or penalties are applied, and regular monthly deductions continue as scheduled.

Borrowers may qualify for a refund if they meet three conditions: their loan accounts must be current with no unpaid balances at the time of application; they must voluntarily opt in, as the program is not automatic; and they must submit their application through the GSIS Touch mobile app, which is the only accepted platform.

The app allows members to check their eligibility status and the corresponding refundable amount before submitting their request. Once approved, funds are typically credited to the member’s account within three working days.

GSIS has instructed partner banks to distribute a total of ₱7.5 billion, with the remaining balance currently being processed for disbursement in the coming working days.

Eligible members who have not yet applied have until Oct. 31, 2026, to submit their applications via the mobile app. - Derco Rosal