GSIS waives P1.6B in debt relief plan

PHOTO FROM GSIS/FACEBOOK

The state pension fund for government employees has waived P1.6 billion worth of penalties and has allotted P121 million in interest rates for members who are unable to meet overdue house loan payments in the first quarter.

Jose Arnulfo Veloso, president and general manager of the Government Service Insurance System (GSIS), said in a statement on Friday the debt-relief program aims to provide quick relief to the worst-hit members.

“The GSIS envisions to help thousands of families under the debt restructuring program, to lessen the pressures from other financial obligations. This will remove a large amount of stress for many, many families,” Veloso said.

READ: GSIS raked in P37B profit in Q1; fund life extended to 2058

According to the agency, it has processed debt relief for a total of 1,143 home loan borrowers under the Housing Accounts Restructuring and Condonation Program (HARCP) for the first quarter.

The HARCP allows lenders to adjust their monthly payments, extend repayment periods up to ten years, and avail a 50-percent discount on the remaining interest if they pay the total debt in full.

Four options

The program offers four payment options. These are payroll deductions, monthly cash or manager’s checks, postdated checks, and through the GSIS Housing Online Payment system.

READ: GSIS allocates P4.3-B loan fund for members affected by El Niño 

“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 added.

Veloso said the move was part of the Marcos administration’s initiative to make home ownership more accessible and affordable for every government employee.