Date Posted: April 10, 2017
To assist the victims of typhoon Nina in their economic recovery and give them relief in paying loans, the Government Service Insurance System (GSIS) granted a loan moratorium for its members and pensioners in Albay from March to August 2017.
“Suspending the payment of loan amortization will enable our members and pensioners to prioritize more urgent financial needs as they recover from Nina’s devastating effects,” said GSIS Officer-in-Charge Nora Malubay-Saludares.
All active members and pensioners who are working or residing in the area with up-to-date loan payments as of January 3, 2017 and with loans granted or renewed on or before February 2, 2017 are automatically qualified for the moratorium.
GSIS loans covered by the moratorium are Consolidated Loan, Enhanced Salary Loan, Policy Loan, Emergency Loan, Real Estate Loan, Restructured Real Estate Loan, Deed of Conditional Sale, Pension Loan, Pensioners’ Emergency Loan, and Pensioners’ Restructured Loan. Outstanding loans covered by a previous moratorium are excluded.
An interest on the six-month moratorium shall be computed based on the outstanding loan balance as of March 2, 2017 and prevailing interest rate of the said loan on a monthly basis. The computed interest will be collected on the last month of the loan term, or upon renewal or termination, whichever comes first.
The respective administrative or finance officer of the government agency must immediately discontinue deducting the monthly loan payment from the qualified members’ salary during the moratorium period. However, they must resume deduction in the September 2017 payroll.
GSIS will notify qualified housing loan borrowers to retrieve their postdated checks from the former’s treasury unit and replace it not later than August 1, 2017.
The service loan redemption insurance and fire insurance will continue to be in force throughout the moratorium period, provided premiums due are paid monthly.
Resumption of loan payment will be reflected in the September 2017 billing statement for remittance not later than October 10, 2017. Housing loan borrowers who are paying over the counter must automatically resume payment beginning September 2017.
If borrowers renew their loans starting February 3, 2017 onwards, the moratorium for the loan account will be terminated.
Once a borrower separates or retires from service, the choice of loan amortization schedule program will be applied to their outstanding consolidated and housing loans covered by the moratorium.
Those who will not avail of the moratorium are advised to pay their loan amortization for the next six months and their payment will be posted accordingly.
For inquiries, call the GSIS Contact Center at 847-4747; email email@example.com; or visit the GSIS website, www.gsis.gov.ph.