(Photo courtesy of GSIS)
Launched in May 2023, the program aims to assist GSIS borrowers, including former members, pensioners, and those who have returned to government service, who are unable to make timely repayments.
These individuals are granted a one-time removal of penalties or fines for late repayments, as well as the option to restructure outstanding debts.
This will help borrowers meet their financial obligations to the GSIS and make repayments more manageable.
"The GSIS restructuring and condonation program reflects our commitment to supporting members and pensioners in managing their finances. By offering flexible terms and condoning penalties, we are helping them get back on track," said GSIS President and General Manager Wick Veloso.
Debtors can apply to the program via the GSIS Touch app, over-the-counter services at GSIS branches, M. Lhuillier, USSC, or online through the UnionBank or Landbank apps.
Applicants must complete an application form and provide a copy of their GSIS ID or other valid government-issued ID.
The restructuring option covers salary loans, emergency loans, educational loans, among others. Borrowers can opt to fully pay off their debt or install payments, where a down payment of 10% to 75% of the debt is required.
GSIS urges government employees with debts to take advantage of the program, which will run until May of next year.
