THE Government Service Insurance System (GSIS) said it is offering loan condonation and restructuring to its delinquent borrowers.
The program, known as Restructuring Program for Service Loans (RPSL), “hopes to address the clamor of our members and pensioners who would like to settle their obligations in full or in part through flexible means,” GSIS President and General Manager Jose Arnulfo A. Veloso said in a statement on Tuesday.
According to Mr. Veloso, RPSL offers interest rates of 3-6% for those settling their arrears, subject to an initial payment of at least 10% of the outstanding balance and five years to pay down the rest.
The GSIS had earlier offered a condonation program known as Program for Restructuring and Repayment of Debts (PRRD). In May 2022, the program waived penalties and surcharges worth around P1.5 billion pesos on 14,722 loan accounts.
“By strengthening our loan collection efficiency, we are also protecting the financial health of the pension fund so that members may avail of benefit and services when they fall due,” Mr. Veloso said.
Loans eligible for the RPSL include Salary Loans; Enhanced Salary Loans; Restructured Salary Loans; Emergency Loan Assistance; Summer One-Month Salary Loans; Member’s Cash Advances; eCard Plus Cash Advances; Consolidated Loans; Enhanced Conso-Loans; Emergency Loans; Home Emergency Loans; Study Now, Pay Later loans; Fly PAL, Pay Later loans; Educational Assistance Loans; Stock Purchase Loans; Policy Loans; Optional Policy Loans; GSIS Financial Assistance Loans; PRRD; Multi-Purpose Loans; Computer Loans; and other future loans. — Myara Janae B. Poliarco