GSIS extends condonation offer to inactive members
STATE pension fund Government Service Insurance System (GSIS) announced it is extending the condonation program for its former members until June 30.
In a statement, the GSIS said the one-time condonation and restructuring program was launched to help members who are already out of the service to settle their outstanding loan obligations in full or in part.
GSIS President and General Manager Rolando Ledesma Macasaet was quoted in the statement as saying in Tagalog that they extended the program until June to provide convenience to more inactive members who want to apply for condonation or continue their repayment of loans under the program. Macasaet added thay removed penalties on the outstanding loans when they left the service.
The one-time condonation program, according to the GSIS, covers various service loans, which include: salary loans; cash advance; consolidated loans; emergency loans; educational assistance loans; and, policy loans, among others.
Through the statement, Macasaet encouraged inactive GSIS members to apply for the program, “which gives them the option to pay their loan balances on a three-year instalment basis at 10-percent interest per annum.”
According to the GSIS, those who would avail the one-time condonation program may settle their loans by paying directly in GSIS offices or through “Bayad” centers. If the borrower is a retiree who will receive the pension at age 60 or after five years, the payment may be deducted from his or her pension. If the loan will be settled by the legal spouse, he or she may have it deducted from his or her GSIS survivorship pension or pay through Bayad partner outlets nationwide.
Macasaet was quoted in the statement as saying they are intensifying efforts to recover and collect outstanding loan accounts through the program.