GSIS opens loan condonation program for inactive members

MANILA The Government Service Insurance System (GSIS) has opened a condonation program for inactive members who still have loans with the government pension fund.

The GSIS started accepting applications on Tuesday (Dec. 18) for its onetime condonation and restructuring program for members who are already out of government service to settle their outstanding loan balances in full or in part.

The program is dubbed "GSIS Program for Restructuring and Repayment of Debts (GSISPRRD)."

GSIS wants to give its former members a relief in paying penalties, as well as a chance to restructure their loans and pay the remaining balance through installment, GSIS President and General Manager Jesus Clint Aranas said.

Under the program, GSIS will condone all unpaid penalties on the member's outstanding balance, with the remaining balance restructured at an interest rate of 10 percent per annum, compounded annually.

The service loans covered by the GSISPRRD are: Salary Loan; Restructured Salary Loan; Enhanced Salary Loan; Emergency Loan Assistance; Summer OneMonth Salary Loan; Member's Cash Advance/eCard Cash Advance/eCard Plus Cash Advance; ConsoLoan; Emergency Loan; Home Emergency Loan Program (HELP); Study Now, Pay Later and Fly PAL, Pay Later loans (for those who did not avail of the condonation program in 2014); Education Assistance Loan (those who did not avail of EAL II); Stock Purchase Loan (those who did not avail of the condonation program in 2013); Policy Loan; and the GSIS Financial Assistance Loan (for DepEd Personnel). (PR)

Source: Philippine News Agency