GSIS started accepting applications on Dec. 18 for its one-time condonation and restructuring program from members who are already out of government service to settle their outstanding loan balances in full or in part.
The program is dubbed GSIS Program for Restructuring and Repayment of Debts (GSIS-PRRD).
“GSIS wants to give its former members a relief in paying penalties, as well as a chance to restructure their loans and pay the remaining balance through installment,” GSIS president and general manager Jesus Clint Aranas said in a press statement.
Under the program, GSIS will condone all unpaid penalties on the member’s outstanding balance, with the remaining balance restructured at an interest rate of 10 percent per annum compounded annually.
The service loans covered by the GSIS-PRRD are Salary Loan, Restructured Salary Loan, Enhanced Salary Loan, Emergency Loan Assistance, Summer One-Month Salary Loan, Member’s Cash Advance/eCard Cash Advance/eCard Plus Cash Advance, Conso-Loan, Emergency Loan, Home Emergency Loan Program (HELP); Study Now, Pay Later and Fly PAL, Pay Later loans (did not avail of the condonation program in 2014); Education Assistance Loan (did not avail of EAL II), Stock Purchase Loan (did not avail of the condonation program in 2013); Policy Loan; and the GSIS Financial Assistance Loan (for DepEd Personnel).