GSIS declares moratorium on loans of Glenda-hit members, pensioners in Albay

Home Loans GSIS declares moratorium on loans of Glenda-hit members, pensioners in Albay

Date Posted: September 2, 2014

State pension fund Government Service Insurance System (GSIS) today announced that a six-month moratorium will be implemented for Glenda-hit members and pensioners in Albay to help in their recovery efforts.

“The moratorium will enable our members and pensioners to use the deferred payments on their outstanding GSIS loans for the repairs of their homes and other urgent needs,” GSIS President and General Manager Robert Vergara said.

Effective this September until February 2015, loans covered under the program include conso-loan, emergency loan, optional policy and regular policy loans, pension loan, pensioners’ emergency loan and pensioners’ restructured loan.

To qualify for the moratorium, the loan accounts should still be within the payment term and should have no arrears for six months or more.
GSIS already advised government agencies in Albay to stop the loan amortizations from the salaries of employees for loans covered by the moratorium.

The System will also suspend collecting monthly loan amortizations from pensions.

Vergara said that all qualified members and pensioners in Albay do not need to apply for the moratorium program. “They have already been electronically identified and tagged in our database.”

Housing loans, however, which are covered by a separate restructuring program until December 31 this year, are excluded from the moratorium.

In the storm’s aftermath, GSIS also opened a Php20,000 emergency loan window for members and pensioners in areas declared under a state of calamity.

For inquiries on the loan moratorium program, members and pensioners may call the GSIS contact center at 847.4747.