1. GSIS debt relief plan
2. GSIS P1.6B debt waiver
3. GSIS debt forgiveness program
GSIS has waived P1.6 billion in penalties and allocated P121 million for interest rates on overdue house loan payments. The debt-relief program aims to assist members facing financial difficulties, providing quick relief to those most affected. The program has already processed debt relief for 1,143 home loan borrowers in the first quarter. Offering four payment options, including payroll deductions and online payments, GSIS is committed to helping members manage their housing loans effectively. This initiative is part of the government’s efforts to make home ownership more accessible and affordable for all government employees.
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The Government Service Insurance System (GSIS) has recently announced a debt relief program that will waive P1.6 billion in penalties and allocate P121 million in interest rates for members who are struggling to meet overdue house loan payments in the first quarter. This initiative is aimed at providing quick relief to those who have been most affected by financial difficulties.
Jose Arnulfo Veloso, the president and general manager of GSIS, highlighted the importance of the debt-relief program in helping thousands of families manage their financial obligations more effectively. The program, known as the Housing Accounts Restructuring and Condonation Program (HARCP), has already processed debt relief for a total of 1,143 home loan borrowers in the first quarter.
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The HARCP offers four payment options for borrowers, including payroll deductions, monthly cash or manager’s checks, postdated checks, and the GSIS Housing Online Payment system. This flexibility aims to make it easier for members to adjust their monthly payments, extend repayment periods up to ten years, and avail a 50-percent discount on the remaining interest if they pay the total debt in full.
Veloso emphasized that GSIS is committed to ensuring the well-being of its members and pensioners by helping them successfully manage their housing loans and secure their homes. The debt relief program is part of the government’s initiative to make home ownership more accessible and affordable for every government employee.
In addition to the debt relief program, GSIS has also allocated a P4.3 billion loan fund for members affected by El Niño, further demonstrating its commitment to supporting members during challenging times. This comprehensive approach to financial assistance reflects GSIS’s dedication to providing meaningful support to its members.
Overall, the debt relief program introduced by GSIS is a significant step towards alleviating financial burdens for members who are struggling with overdue house loan payments. By offering flexible payment options and discounts on interest rates, GSIS is helping to ensure that government employees can continue to afford and maintain their homes. This initiative underscores GSIS’s commitment to supporting its members and pensioners during times of financial difficulty.
For more information on GSIS’s debt relief program and other initiatives, please visit the official GSIS website or contact your nearest GSIS office. Let us work together to build a brighter financial future for all government employees and their families.