The Government Service Insurance System (GSIS) said is extending its restructuring program for service loans (RPSL) until May 19, 2025, providing a good opportunity for borrowers to benefit from longer and more affordable payment terms.
“The GSIS offers a restructuring and condonation program for all past due loans. This underscores our commitment to help members and pensioners manage their financial well-being and get back on track by offering flexible terms and condoning penalties,” said GSIS president and general manager Wick Veloso.
The GSIS RPSL, launched in May last year, is a new restructuring program that provides delinquent borrowers more options to lower their past due balances and offer a more flexible and affordable option to pay off their loans.
It is designed to aid former members, old-age pensioners, reemployed members, borrowers who previously availed of PRRD and those with overdue loans. The program provides a one-time condonation and restructuring option, making it easier for borrowers to manage due and demandable service loans, as well as their penalties and surcharges.
Borrowers can apply for the program through the GSIS Touch, over-the-counter (OTC) payment at any GSIS branch, M. Lhuillier, USSC or via UnionBank or Landbank mobile or web apps. Applicants are required to submit a duly accomplished form along with a photocopy of the GSIS ID, Phil ID, passport, or any two valid government-issued IDs.
“We urge government employees to reach out to our customer service team, visit our website or branches nationwide to apply. Our dedicated team is ready to assist and provide personalized support tailored to your needs,” said Veloso.
Borrowers availing of the program can choose to pay in full or through installments. For installment payments, a down payment of 10 percent to 75 percent is required, with the remaining balance payable over up to five years at an interest rate of 3 percent to 6 percent.
