State pension fund Government Service Insurance System launched a condonation and restructuring program anew with longer and affordable payment terms to benefit former members, old-age pensioners, re-employed members, and other borrowers with overdue loans.
Dubbed the Restructuring Program for Service Loans, it is a one-time condonation and restructuring program aimed at providing delinquent borrowers a more flexible and lighter option to pay their due and demandable service loans as well as their penalties and surcharges. The program also aims to improve the pension fund’s loan collection efficiency.
“GSIS hopes to address the clamor of our members and pensioners who would like to settle their obligations in full or in part through flexible means,”said GSIS President/General Manager Wick Veloso.
Borrowers may apply for RPSL over-the-counter at any GSIS office. They must submit a duly accomplished RPSL application form along with a clear photocopy of Phil ID, GSIS eCard, valid passport, or any two valid government-issued IDs.
The RPSL program covers various service loans including the Salary Loan, Enhanced Salary Loan, Restructured Salary Loan, Emergency Loan Assistance, Summer One-Month Salary Loan, Member’s Cash Advance, eCard Plus Cash Advance, Consolidated Loan, Enhanced Conso-Loan, Home Emergency Loan Program, Study Now-Pay Later, Fly PAL-Pay Later, Educational Assistance Loan, Stock Purchase Loan, Policy Loan, Financial Assistance Loan, Program for Restructuring & Repayment of Debts, Multi-Purpose Loan, and Computer Loan.
“We urge our members and pensioners to avail of RPSL to enjoy an affordable three to six percent interest rate. By paying a downpayment of at least 10 percent of their outstanding balance, they can now pay the remaining balance on a five-year installment basis at a maximum of six percent interest per annum only,” Veloso said.
Meanwhile, re-employed GSIS members may have their payments shifted to payroll deduction; old-age pensioners through old-age pension deduction.
“By strengthening our loan collection efficiency, we are also protecting the financial health of the pension fund so that members may avail of benefit and services when they fall due,” the pension fund chief said. (PR)
