GSIS extends loan restructuring program to 2025

By Francis Allan L. Angelo

The Government Service Insurance System (GSIS) has announced the extension of its Restructuring Program for Service Loans (RPSL) until May 19, 2025, offering a lifeline to borrowers struggling with overdue loans.

The program provides an opportunity for government employees, pensioners, and other eligible members to restructure their debt with more flexible and affordable payment terms.

“The GSIS offers a restructuring and condonation program for all past due loans. This underscores our commitment to help members and pensioners manage their financial well-being and get back on track by offering flexible terms and condoning penalties,” said GSIS President and General Manager Wick Veloso.

Originally launched in May last year, the RPSL is designed to assist a wide range of borrowers, including former members, old-age pensioners, reemployed members, and those who previously availed of the Program for Restructuring and Repayment of Debts (PRRD).

The program offers a one-time opportunity for loan condonation and restructuring, aimed at making it easier for borrowers to manage due and demandable service loans, including any penalties and surcharges accrued over time.

Borrowers can apply for the program through several channels, including the GSIS Touch mobile app, over-the-counter at GSIS branches, or through payment centers such as M. Lhuillier, USSC, UnionBank, and Landbank.

Applicants are required to submit a completed application form along with a photocopy of their GSIS ID, Phil ID, passport, or any two valid government-issued IDs.

The program covers a comprehensive list of GSIS service loans, including the GSIS Salary Loan, Enhanced Salary Loan, Emergency Loan Assistance, Summer One-Month Salary Loan, and many others.

Borrowers can choose to pay in full or through installment plans, with a required down payment ranging from 10% to 75%, and the balance payable over up to five years at interest rates between 3% and 6%.

“We urge government employees to reach out to our customer service team, visit our website, or stop by any of our branches nationwide to apply. Our dedicated team is ready to assist and provide personalized support tailored to your needs,” Veloso added.

The extension of the RPSL until May 2025 is seen as a timely move to help alleviate the financial burdens faced by many government employees and pensioners.

For further details, visit the GSIS website at www.gsis.gov.ph, follow their official Facebook page @gsis.ph, or contact the GSIS Contact Center at 8847-4747 in Metro Manila, 1-800-8-847-4747 for Globe and TM subscribers, or 1-800-10-847-4747 for Smart, Sun, and Talk ‘N’ Text subscribers.