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GSIS offers loan condonation program for inactive members

Date Posted: October 22, 2018

The Government Service Insurance System (GSIS) will soon offer a one-time condonation and restructuring program for former members who are already out of government service and have no financial capability to settle their outstanding loan balances in full.

Dubbed GSIS Program for Restructuring and Repayment of Debts (GSIS-PRRD), the loan will be open to inactive members with service loans which have been left unsettled after separation from service.

“Through PRRD, GSIS intends to give its former members a relief in the payment of penalties as well as a chance to restructure their loans and pay the remaining balance through installment.” GSIS president and general manager Jesus Clint Aranas said.

Under the program, all unpaid penalties on the outstanding balance of the member will be condoned. The remaining balance will be restructured with an interest rate of 10% per annum compounded annually.

Covered under the program are the following service loans: Salary Loan; Restructured Salary Loan; Enhanced Salary Loan; Emergency Loan Assistance; Summer One-Month Salary Loan; Member’s Cash Advance/eCard Cash Advance/eCard Plus Cash Advance; Conso-Loan; Emergency Loan; Home Emergency Loan Program (HELP); Study Now, Pay later and Fly Pal; Pay Later Loans (did not avail of the condonation program in 2014); Education Assistance Loan (did not avail of EAL II); Stock Purchase Loan (did not avail of the condonation program in 2013); Policy Loan; and GSIS Financial Assistance Loan to DepEd Personnel. Not included in the program are loans granted to pensioners and housing loan. Housing accounts have an ongoing condonation program.