Details about the GSIS Loan Restructuring and Condonation Program Extension
GSIS LOAN RESTRUCTURING – The Government Service Insurance System announced an extension of its restructuring and condonation program.
Millions of Filipinos are members of the Government Service Insurance System. More popularly called GSIS, it is a loan-providing state entity that operates in the Philippines for decades now.
The employees of the government are mandated to maintain an active membership to the Government Service Insurance System through the posting of monthly contributions. In most cases, the monthly contribution is deducted by the office from the salary of the worker and remitted to the state entity.
GSIS members who have updated account may qualify to the offers of the state entity. It has several benefit offers as well as GSIS loans that qualified members may avail.
Truth be told that there are instances when the situation makes it hard for the member-loan borrowers to keep an updated account with regards to the payments. To help members caught in the situation of having to deal with piled up interest, the state entity launched the Restructuring Program for Service Loans (RPSL).
Through the RPSL, the state entity wants to provide more options to delinquent loan borrowers in dealing with their past-due balances. The state entity also wants to offer a more flexible and affordable payment option in paying off the loans.
Recently, the Government Service Insurance System announced an extension of the GSIS Loan Restructuring and Condonation Program. The state entity extended it until May 19, 2025.
According to GSIS president and general manager Wick Veloso expressed in a statement that the GSIS Loan Restructuring and Condonation program extension underscores their commitment to assis the member-borrowers and pensioners “manage their financial well-being and get back on track by offering flexible terms and condoning penalties”.
The program offers a one-time condonation option so it will be easier for the borrowers to manage their loans including the penalties and surcharges. Member-borrowers who want to apply for the program may do so through the GSIS Touch, over-the-counter (OTC) payment at any branch of the Government Service Insurance System; UnionBank or Landbank mobile; or the USSC.