GSIS waives Php1.6B in penalties for housing borrowers

By Francis Allan L. Angelo

The Government Service Insurance System (GSIS) implemented a debt relief program in the first quarter of 2024 to aid borrowers struggling with housing loan payments, waiving Php1.6 billion in penalties.

GSIS President and General Manager Wick Veloso announced the initiative, designed to provide rapid relief to members hardest hit financially.

“The GSIS envisions to help thousands of families under the debt-restructuring program, to lessen the pressures from other financial obligations. This will remove a large amount of stress for many, many families,” Veloso said in a press statement.

GSIS has processed debt relief for 1,143 housing loan borrowers through its Housing Accounts Restructuring and Condonation Program (HARCP), offering Php121 million in interest discounts alongside the penalty waivers.

The program aims to support homeowners struggling with overdue payments.

“Our priority at GSIS is to ensure the well-being of our members and our pensioners. We are fully committed to help our members successfully manage their housing loans and secure their homes. Our mission is to offer support — eviction is not our goal. We continuously support them and ceaselessly provide viable solutions in times of need,” Veloso emphasized.

The condonation initiative is part of the broader 4PH initiative of the Marcos administration under the Pabahay para sa Bagong Bayaning Manggagawa ng Pamahalaan (PBBM), aimed at constructing high-rise residential buildings to make home ownership more accessible and affordable for government workers.

“This move will help these families secure their homes during the most difficult of times. We are here to listen, understand and help them find the best way forward,” Veloso added.

HARCP allows borrowers to lower their monthly payments by restructuring their loans, extending repayment periods up to 10 years, and securing a 50% discount on remaining interest for full debt payment.

Borrowers can also update their accounts by paying off arrears.

Four payment options are available: payroll deductions, monthly cash or manager’s checks, post-dated checks, or the GSIS Housing Online Payment system.

Additionally, GSIS offers the Lease with Option to Buy (LWOB) program, which leases over 13,000 housing units nationwide. Lessees have the priority to purchase the unit with no down payment required.

For more information about GSIS housing programs, interested parties may visit the GSIS website, check the official Facebook page @gsis.ph, email gsiscares@gsis.gov.ph, or call the hotline at 8847-4747.