Delinquent borrowers of the old housing loan program of the Government Service Insurance System (GSIS) get a reprieve as the pension fund offers them a chance to save their homes from foreclosures or cancellation of their Deed of Conditional Sale under a new condonation program.
As an offshoot of the Republic Act 9507 or the Socialized and Low-Cost Housing Loan Restructuring Act of 2008, the GSIS will implement the Housing Loan Restructuring and Condonation Program. This program will cover housing loan obligations of delinquent borrowers with accumulated arrearages equivalent to at least six monthly amortizations, regardless of the original principal amount of the loan.
The law, which took effect on March 16, also covers home borrowers and installment buyers of the Social Security System, the Home Development Mutual Fund or Pag-IBIG Fund, the National Home Mortgage Finance Corp., the Social Housing Finance Corp., the Home Guaranty Corp., and the National Housing Authority.
GSIS president and general manager Winston Garcia said the program is a result of President Arroyo’s goal to help both borrowers and lending institutions cope with the effects of the ongoing financial crisis.
“The program saves borrowers from having their homes foreclosed and gives them a chance to finally complete the purchase of their house. On the other hand, government financial institutions like the GSIS can get their non-performing loans liquid again,” Mr. Garcia said. “This is a win-win solution for both parties. This is really helpful during these times of financial difficulties.”
The GSIS implemented the program last April 16 and will run for 18 months. Application forms for this program are now available in all GSIS servicing offices.
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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