GSIS opens offices nationwide on Oct. 27 for members who will pay overdue loans

State pension fund the Government Service Insurance System (GSIS) will open all its offices nationwide, today, Saturday, October 27, to serve members who will settle overdue accounts. This developed after GSIS imposed an extended deadline of October 31 to the restructuring of penalties and surcharges of due and demandable loans which will automatically set off the computation of prorated surcharges and penalties.

“We have already extended the deadline because we want our members to pay off their loans without sacrificing their retirement pay. We believe that our members need to receive their full benefits when they leave government service because that is what GSIS is all about – securing the future of government workers when they are no longer earning,” GSIS President and General Manager Jesus Clint Aranas said.

Availing of the Enhanced Consolidated Loan Program, which waives all penalties and surcharges on members’ existing salary loan accounts, is one way of updating GSIS members’ loan accounts. Last September, GSIS gave a one-month extension to give more time for GSIS members with delinquent accounts to benefit from the condonation of penalties and surcharges in the Enhanced Conso-Loan Program.

“When you fail to pay your amortization for more than six months, your loan accounts will be in default. If your loan obligations go unchecked for a longer period, your obligations will continue to swell, which may cost you your entire future benefits,” PGM Aranas explained.

“We are also rewarding our members who have good credit standing. Those with updated loan accounts as of September 30, 2018 will get a chance to win big prizes to be raffled off soon,” he added.