The Government Service Insurance System (GSIS) said Wednesday 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 Wick Veloso said the program aimed to quickly provide 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.
GSIS said that as of the first quarter of 2024, it has 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 121 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.