MANILA, Philippines – The Authorities Service Insurance coverage System (GSIS) has put aside P63.5 million to increase as much as the center of this yr its mortgage condonation and restructuring program.
In a decision revealed on Sunday, the state-run pension fund’s board, chaired by former Supreme Court docket chief justice Lucas Bersamin, authorized the extension till June 2022 of the GSIS program for restructuring and compensation of money owed (PRRD).
This one-time mortgage condonation program was first carried out throughout a one-year interval beginning December 2018 for inactive GSIS members with excellent obligations.
The GSIS’s PRRD had been prolonged twice in addition to additionally opened to members and pensioners so they might cut back their overdue loans amid the COVID-19 pandemic.
The newest extension allowed acceptance of functions to Dec. 29, 2021, and their corresponding full or partial funds accepted till Jan. 31 of this yr.
Upon the endorsement of the GSIS’s threat oversight committee final February, its board authorized the prolonged PRRD from January to June 2022.
Each public-sector staff and pensioners with excellent loans from the GSIS can avail of the PRRD.
The GSIS’s PRRD covers the next: consolidated mortgage (conso-loan); GSIS monetary help mortgage (GFAL); instructional help mortgage 2; emergency mortgage; common coverage mortgage; non-compulsory coverage mortgage; residence emergency mortgage program; actual property mortgage; restructured actual property mortgage; low-cost housing/deed of conditional sale; pension mortgage; pensioner’s emergency mortgage; and pensioner’s restructured mortgage.
The GSIS’s mortgage disbursements grew 4 % to P151 billion final yr from P145 billion in 2020 amid the more durable instances attributable to the extended COVID-19 pandemic.
Starting April 23, the GSIS will supply a member mortgage program with a better credit score restrict, longer compensation interval, in addition to simpler utility necessities.
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