The Government Service Insurance System recently announced that its Program for Restructuring and Repayment of Debts has condoned a total amount of P698,419,090.76 in loan penalties as of Jan. 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 Dec. 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 percent interest per annum.