GSIS okays 1-year moratorium on housing loan payments

MANILA, Philippines – The Government Service Insurance System (GSIS), the state-owned pension fund for employees in the public sector, is giving borrowers of housing and consolidated loans the chance to hold off monthly payments for one year.

In a resolution, the GSIS Board of Trustees approved a one-year moratorium on the payments for the loans as part of efforts to assist members affected by tropical storm Ondoy.

The agency said it would finalize the mechanism for the moratorium and make an announcement as soon as it is ready to start the program.

The GSIS said this repayment deferral program for housing and consolidated loans will benefit borrowers whose accounts are not in default. During the implementation of the moratorium, the sending of collection notices shall be suspended.

Apart from the moratorium on housing loan payments, the GSIS also offered a P20,000 calamity loan for members affected by Ondoy.

Areas devastated by Ondoy include the whole of National Capital Region, Mt. Province, Ifugao, Benguet, Pangasinan, La Union, Ilocos Sur, Isabela, Quirino, Nueva Vizcaya, Aurora, Nueva Ecija, Zambales, Pampanga, Bulacan, Tarlac, Bataan, Cavite, Laguna, Batangas, Rizal, Quezon, Occidental Mindoro, Oriental Mindoro, Marinduque, Catan-duanes, Camarines Norte and Camarines Sur.

The GSIS has set up kiosks in its offices and other government agencies and in the different SM malls, namely SM Megamall, SM North EDSA, SM Fairview, SM Marikina, SM Taytay, SM Marilao, SM Pampanga, SM Las Piñas, and SM Sta. Mesa to process the loan applications of affected members.

Members affected by tropical storm Pepeng can also apply for a P20,000 emergency loan.

For Ilocos Norte, eligible members can apply for the loan in the GSIS Regional Office in Laoag; the provincial capitol of Bangui; and the city hall of Batac.

Members in Cagayan Valley can apply in the GSIS Regional Office in Tuguegarao; the municipal hall of Aparri; the provincial capitol of Apayao; and the Paseo Mall commercial center in Cagayan Valley.

For Albay, eligible members can apply in the GSIS Regional Office in Naga; the municipal hall of Polangui; the city hall in Ligao; the municipal hall of Daraga; the city hall of Tabaco; and the provincial hall of Albay.

Aside from GSIS, Pag-IBIG Fund also announced a moratorium on housing loans but government employees particularly public school teachers stressed that while these measures are helpful what they really need are financial assistance and not additional loans or moratorium on payments of existing loans. –Iris C. Gonzales (The Philippine Star)