State pension fund Government Service Insurance System said Tuesday it is extending the condonation program for former members until June 30.
Dubbed Program for Restructuring and Repayment of Debts, it is a one-time condonation and restructuring program under GSIS’s Ginhawa for All program. It was launched to help members who are already out of the service to settle their outstanding loan obligations in full or in part.
PRRD covers various service loans, which include salary loans; cash advance; consolidated loans; emergency loans; educational assistance loans; policy loans, among others.
“We encourage our inactive GSIS members to apply for PRRD, which gives them the option to pay their loan balances on a three-year instalment basis at 10-percent interest per annum only,” GSIS president and general manager Rolando Ledesma Macasaet said.
PRRD availees may settle their loans by paying directly in GSIS offices or through Bayad centers. If the borrower is a retiree who will receive the pension at age 60 or after five years, the payment may be deducted from his or her pension.