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GSIS PRRD condones P698M in loan penalties
Date Posted: January 30, 2020

The Government Service Insurance System (GSIS) recently announced that its Program for Restructuring and Repayment of Debts (PRRD) has condoned a total amount of Php698,419,090.76 in loan penalties as of January 6, 2020.

GSIS-PRRD is the pension fund’s one-time condonation and restructuring program that helps members who are already out of government service to settle their outstanding loan balances in full or in part.

“The program has eased the burden of members who worry about paying their outstanding loan balances that have incurred interest and surcharges over time,” Chairman and Acting President and General Manager Rolando Ledesma Macasaet said.

Under GSIS-PRRD, the total restructured amount has reached Php393,178,773.59 from 7,450 loan accounts.

Launched on December 18, 2018, GSIS-PRRD has so far collected a total of Php144,407,503.09 from 2,630 members who opted to pay in full. The 2,195 members who opted to pay on a three-year instalment basis are repaying their debts at 10% interest per annum.

Macasaet encouraged other qualified inactive members to avail of the program, as GSIS has extended its deadline for application until 30 September 2020.

GSIS-PRRD covers various service loans, which include 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 (for DepEd Personnel).

For inquiries, interested parties may visit the GSIS website (www.gsis.gov.ph) or Facebook account (@gsis.ph); email gsiscares@gsis.gov.ph; or call the GSIS Contact Center at 8847-4747, 1-800-8-847-4747 (for Globe and TM subscribers), or 1-800-10-847-4747 (for Smart, Sun and Talk ‘n Text subscribers).