Retiring members of the Government Service Insurance System (GSIS) who have outstanding service and housing loans with the pension fund will now get to enjoy their retirement benefits, without worries of having their unpaid obligations deducted or “clipped” from their retirement proceeds. This developed after the newly-constituted GSIS Board of Trustees approved a resolution modifying its Claims and Loans Interdependency Policy or CLIP and allowed retiring members to have an opportunity to decide on the mode of settlement for their outstanding loan obligations. CLIP is a policy under which the GSIS deducts the arrears incurred by members from their overdue...
The Government Service Insurance System announced today that effective April 28 this year, it is suspending all of its housing loan programs in line with the thrust to adopt wholesale approaches to asset sales and to wind down housing programs in favor of working with key shelter agencies (KSAs). “We want to synchronize our efforts in the implementation of the government’s housing loan program through closer partnership with the KSAs, whose core functions focus on housing,” said Robert G. Vergara, President and General Manager. “With this new measure, we also avoid duplication with their functions.” Vergara pointed out that while...
More than 2,500 members of the Government Service Insurance System can now settle their loan obligations with zero penalties and surcharges after the Governing Board approved Thursday the condonation of outstanding balances under the Stock Purchase Loan (SPL) program. SPL accounts paid on or before June 30, 2011 will enjoy 100 percent condonation on penalties and surcharges and a 50 percent condonation on interest. Stock Certificates will also be released upon full payment. Shares of stocks of unsettled loan accounts after the June 30 deadline will be sold and the proceeds applied to the loan balances. The new program forms...
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