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GSIS heeds members’ appeal for more time to settle loans; rewards members with good credit standing

Date Posted: September 28, 2018

Heeding the appeal of the Department of Education (DepEd), the Government Service Insurance System (GSIS) extends the deadline for all GSIS members to settle past due loan accounts to one more month or until October 31, 2018.

“We extended the deadline to give more time for DepEd employees as well as other members with overdue accounts to benefit from the condoned penalties and surcharges of the Enhanced Consolidated Loan Program. At the same time, we are advocating responsible borrowing by rewarding members who have good credit standing. Members with updated loan accounts as of September 30, 2018 will get a chance to win big prizes to be raffled off soon,” GSIS President and General Manager Jesus Clint Aranas explained.

“We appreciate DepEd’s conscious efforts to assist us in addressing their predicament after Secretary Leonor Briones wrote us to request an extension of the deadline. We fully understand the plight of members,” he added.

At present, GSIS does not impose penalties and surcharges for delinquent loan accounts of members in the active service. However, the pension fund will lift this ‘automatic waiver’ for penalties and surcharges by November 1, 2018 to step up its call for members’ responsible borrowing, while stressing the rewards of paying loans on time.

“Although we have given a one-month extension, we remain steadfast in reminding our members that slacking on loan payments may cost you your entire benefits in the future. If your loan balances go unchecked for a longer period, your obligations will continue to add up, which may severely impair the benefits due you or your family in due course,” he said.