GSIS Housing Loan Penalties of more than P1.6 Billion Waived in Q1 2024

GSIS Waives over P1.6 Billion in Housing Loan Penalties in the First Quarter

GSIS HOUSING LOAN PENALTIES – The Government Service Insurance System waived more than P1.6 billion of penalties in housing loans.

One of the biggest social insurance entities in the Philippines is the GSIS or the Government Service Insurance System. Millions of Filipinos are members of the GSIS which has several branches across the nation.


Government employees are mandated to maintain active memberships to the Government Service Insurance System. That is the member populace of the GSIS is composed of former and current employees of the government.

Housing Loan

Every month, GSIS must remit a monthly contribution to the state-run social insurance entity to main an active account. The rates vary among members depending on the salary of the members.

The Government Service Insurance System has loans and benefit offers for its members. One of the loan offers is the Housing Loan which has helped countless people. From time to time, there are also financial actions that the social insurance entity makes to help ease the burden of its members on money.

Recently, the social insurance entity announced that GSIS Housing Loan penalties of more than P1.6 billion is waived in the first quarter of 2024. The debt relief will benefit 1,143 housing loan borrowers under its Housing Accounts Restructuring and Condonation Program (HARCP).

Aside from the waiving of the GSIS Housing Loan penalties, the HARCP also provides P121 million in interest discounts. The program provides a direct relief to homeowners who are struggling with overdue payments as per the GSIS.

Furthermore, the Housing Accounts Restructuring and Condonation Program gives the housing loan borrowers the chance to lower their monthly payments through loan restructuring. A borrower may choose to extend the repayment term of their loans to up to 10 years. Borrowers may also avail a 50% discount on the remaining interest if they choose to pay for the loan in full.

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