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.
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
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
September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
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