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Monday, July 15, 2024

GSIS condones P1.6b for home borrowers

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The Government Service Insurance System (GSIS) said Friday it is providing a debt relief program to help borrowers who are struggling to make payments under its housing loan program.

GSIS president and general manager Jose Arnulfo Veloso said that the program is aimed at quickly providing relief to the worst-hit among its members.

“The GSIS envisions to help thousands of families under the debt-restructuring program, to lessen the pressures from other financial obligations. This will remove a large amount of stress for many, many families,” said Veloso.

The fund said that as of the first quarter of 2024, it had processed debt relief for about 1,143 housing loan borrowers under its Housing Accounts Restructuring and Condonation Program (HARCP).

The program has forgiven P1.6 billion worth of penalties and provided P121 million in interest discounts, directly offering relief to homeowners struggling to meet overdue payments.

“Our priority at GSIS is to ensure the well-being of our members and our pensioners. We are fully committed to help our members successfully manage their housing loans and secure their homes. Our mission is to offer support — eviction is not our goal. We continuously support them and ceaselessly provide viable solutions in times of need,” Veloso said.

The condonation program is part of the broader 4PH initiative of the Marcos administration under the Pabahay para sa Bagong Bayaning Manggagawa ng Pamahalaan (PBBM), which includes constructing high-rise residential buildings—making home ownership more accessible and affordable for every government worker.

“This move will help these families secure their homes during the most difficult of times. We are here to listen, understand and help them find the best way forward.” Veloso said.

The HARCP allows borrowers to lower their monthly payments by restructuring their loans, extending their repayment periods up to 10 years, and securing a 50-percent discount on the remaining interest if they pay their debt in full.

Borrowers can also simply pay off their arrears to bring their accounts up to date. Four payment options are available for borrowers: payroll deductions, monthly cash or manager’s checks, post-dated checks, or through the GSIS Housing Online Payment system.

Another program of the GSIS is the Lease with Option to Buy (LWOB), where GSIS makes it easier for those looking for homes. This is a program where the GSIS leases more than 13,000 available housing units nationwide with the lessee given the priority to buy the unit with no down payment.

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