The Government Services Insurance System (GSIS) has extended its COVID-19 loan moratorium program for members, pensioners, and other borrowers by another month.
State insurance fund president and general manager Rolando Ledesma Macasaet that the three-month moratorium from March to May has extended to June.
“The extension will provide relief to many government employees and pensioners whose families are having financial difficulties because of the COVID-19 crisis. We earlier implemented a three-month moratorium from March to May 2020 However, with the continuing crisis and quarantine measures, we made it a four-month moratorium to tide over our members and pensioners,” Macasaet said.
Macasaet said that GSIS will resume the collection of loan amortizations from its borrowers in July.
He explained that the following are eligible to the moratorium as long as they have no loan accounts that have been declared in default as of February 29: (1) active members; (2) housing loan borrowers; (3) pensioners; and, (4) inactive GSIS members who availed of the GSIS Program for Restructuring and Repayments of Debts (PRRD).
The loan is considered in default if the total arrearages or unpaid monthly payments is equivalent to more than six monthly amortizations. He added that loans granted after May 23, 2020 are not qualified to the moratorium, he clarified.
GSIS stated that the loans covered under the moratorium are the Consolidated Loan or Conso-loan; GSIS Financial Assistance Loan or GFAL; Educational Assistance Loan II; emergency loan; regular policy loan; optional policy loan; Home Emergency Loan Program; Real Estate Loan; Restructured Real Estate Loan; Low-Cost Housing / Deed of Conditional Sale; pension loan; Pensioner’s Emergency Loan; Pensioner’s Restructured Loan; and PRRD.
It advised members and pensioners to visit the pension fund website or through its Facebook page for inquiries.