Rationalization of the home lending program

The 50-year-old GSIS housing program was rationalized to avoid duplication with other agencies implementing a similar program, such as the Home Development Mutual Fund (Pag-IBIG Fund), and to ensure that investments of the System generate good returns for the greater benefit of its members and pensioners in accordance with its fiduciary responsibility.

GSIS partnered with Pag-IBIG Fund for a more efficient implementation of its home lending program. Beginning December 2011, GSIS members may apply for a housing loan through Pag-IBIG Fund under a PhP5 billion credit facility agreement, GSIS signed with the shelter agency, on 14 November 2011. The partnership with Pag-IBIG Fund affirms GSIS’s commitment to help its members and pensioners realize their dream of home ownership.

In 2010, GSIS extended only PhP600 million in housing loans to its more than 500 members against Pag-IBIG Fund’s PhP5.5 billion to over 11,000 government employees – 10 times more what GSIS lent for housing to 20 times more government employees.

Also, in March 2012, the Board of Trustees approved measures that will finally resolve and put closure on complaints surrounding housing loan accounts with arrears due to delayed remittance of the first monthly amortization. Specifically, outstanding loan balances will be recomputed by adjusting the first due date of the loan, adopting the date when the first monthly amortization was actually paid / remitted, and applying the original interest rate charged on the loan at the time that loan was granted from the adjusted first due date up to 31 May 2005. Subsequently, the interest rate will be reduced to 6 percent per annum compounded annually from 1 June 2005 to current date.

Transfer of the management of GSIS’s more than 300 art works to the National Museum

The turnover implemented the memorandum of agreement in February 2012 between GSIS and the National Museum. The Museum has identified three galleries in the Museum called the GSIS Wing. The galleries now display the famous Juan Luna’s Parisian Life as well as the works of National Artists Fernando C. Amorsolo, Carlos “”Botong Francisco, Vicente S. Manansala, Hernando R. Ocampo, Ang Kiukok, Bencab, and National Artist-Elect Federico Aguilar y Alcuaz. The transfer enables a wider public to view and appreciate the art collection of GSIS.