Congress approves suspension of GSIS, SSS, Pag-Ibig loan payments

The House of Representatives has approved a joint resolution with the Senate mandating all government financial institutions, including the Pag-Ibig Fund, the Government Service Insurance System (GSIS) and the Social Security System (SSS) to suspend for at least three months the payment of loans and interest payments in the wake of the deluge caused by Typhoon “Ondoy.”

On Wednesday, Joint Resolution 47 authored in the House by South Cotabato Rep. Darlene Antonino Custodio and in the Senate by Sen. Francis Escudero, was adopted by the lower chamber. It aims to provide respite for Typhoon Ondoy victims.

“The relief mechanism being espoused by the government in the form of calamity fund releases and loans may not be enough considering that emotional, social and economic recovery proves to be difficult, especially if it concerns sudden loss of lives and dwellings,” the resolution stated.

It also said in order to realize a direct and immediate relief for the people affected by the typhoon, the government financial institutions must be mandated to step in and provide relief to victims of “Ondoy” in the form of suspension of loan payments.

The resolution also posited that private financial institutions should follow suit as a special policy for their corporate social responsibility program to address a unique and fortuitous situation.

Escudero and Custodio said the suspension of payment for at least 90 days will not hurt GFIs considering that most of them, if not all, registered positive investment and increase in assets.

Meanwhile, Malacañang yesterday lauded the House and the Senate’s initiative in creating a supplemental budget intended to help the government fund its relief operations and rehabilitation efforts for the catastrophe wrought by Typhoon Ondoy across Metro Manila and other parts of Luzon.

In a press briefing, Budget Secretary Rolando Andaya said the Palace was thankful to both Houses of Congress for coming up with such a proposal because it would certainly serve a great help to the government.

Andaya also said Malacañang is also hoping that Congress would also act upon its proposal for an increase in the specified calamity fund, which is currently at P2 billion, as mandated by the General Appropriations Act. –Daily Tribune