State pension fund Government Service Insurance System (GSIS) has extended the deadline of application for its one-time condonation and restructuring program for members who are no longer in government service but still have outstanding loan balances.
GSIS chair and general manager Rolando Ledesma Macasaet said they extended the due date for application until September 30 as a measure to intensify efforts to recover and collect outstanding and non-moving loan accounts.
He said GSIS members and pensioners need additional time to restructure their loans and pay their remaining balances through an installment system.
“GSIS is intensifying its efforts to recover and collect outstanding and non-moving loan accounts through the program. It likewise addresses the clamor of separated GSIS members and pensioners for a little more time to restructure their loans and pay the remaining balance through installment,” he said.
The GSIS-PRRD is a one-time condonation and restricting program for members who are already out of the service in the government to settle their outstanding loan balances in full or in part.
The GSIS-PRRD covers various service loans such as 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 GSIS Financial Assistance Loan (for Department of Education Personnel).
“We urge inactive GSIS members to apply for PRRD so they can pay their remaining balances free of penalties on an installment basis at 10 percent interest per annum only,” he said.