Government Service Insurance System (GSIS) President and General Manager Rolando Ledesma Macasaet announced today that the state pension fund has extended its COVID-19 loan moratorium program for members, pensioners and other borrowers by another month or until June 2020, making it a four-month moratorium.
“The extension will provide relief to many government employees and pensioners whose families are having financial difficulties because of the COVID-19 crisis. We earlier implemented a three-month moratorium from March to May 2020 However, with the continuing crisis and quarantine measures, we made it a four-month moratorium to tide over our members and pensioners,” Macasaet said.
The pension fund chief said that GSIS will resume the collection of loan amortizations from its borrowers in July.
Macasaet explained that the following are eligible to the moratorium as long as they have no loan accounts that have been declared in default as of February 29, 2020: (1) active members; (2) housing loan borrowers; (3) pensioners; and, (4) inactive GSIS members who availed of the GSIS Program for Restructuring and Repayments of Debts (PRRD).
The pension fund chief clarified that a loan is considered in default if the total arrearages or unpaid monthly payments is equivalent to more than six monthly amortizations. He added that loans granted after May 23, 2020 are not qualified to the moratorium.
The loans covered under the moratorium include Consolidated Loan or Conso-loan; GSIS Financial Assistance Loan or GFAL; Educational Assistance Loan II; emergency loan; regular policy loan; optional policy loan; Home Emergency Loan Program; Real Estate Loan; Restructured Real Estate Loan; Low Cost Housing / Deed of Conditional Sale; pension loan; Pensioner’s Emergency Loan; Pensioner’s Restructured Loan; and PRRD.
Members and pensioners who have inquiries on GSIS COVID-19 Moratorium Program may visit the GSIS website, www.gsis.gov.ph; GSIS Facebook Page, @gsis.ph; or call the GSIS Contact Center at 8847-4747 (if in Metro Manila) or 1-800-8-847-4747 (for Globe and TM subscribers) and 1-800-10-847-4747 (for Smart, Sun, and Talk ‘N Text subscribers).