GSIS waives P1.6B in debt relief plan
Gain for 1,143 borrowers

GSIS waives P1.6B in debt relief plan

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.

Article continues after this advertisement

“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.

FEATURED STORIES

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.

Article continues after this advertisement

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.

Article continues after this advertisement

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.

Article continues after this advertisement

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.

Article continues after this advertisement

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

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: Debt, GSIS, Loan, waive

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.