GSIS adopts debt relief program for struggling housing borrowers

THE Government Service Insurance System (GSIS) is providing a debt relief program to help borrowers who are currently struggling to make payments under its housing loan program.

GSIS President and General Manager Wick Veloso says the program is aimed at quickly providing relief to the worst hit among its members.

As of the first quarter this year, GSIS has processed debt relief for about 1,143 housing loan borrowers under its Housing Accounts Restructuring and Condonation Program (HARCP). The program has forgiven P1.6 billion worth of penalties and provided P121 million in interest discounts.

This condonation program is part of the broader Pambansang Pabahay Para sa Pilipino initiative of the Marcos administration under the Pabahay para sa Bagong Bayaning Manggagawa.

The HARCP allows borrowers to lower their monthly payments by restructuring their loans, extending their repayment periods up to 10 years, and securing a 50-percent discount on the remaining interest if they pay their debt in full.

Another program of the GSIS is the Lease with Option to Buy, where GSIS makes it easier for those looking for homes. This is a program where the GSIS leases more than 13,000 available housing units nationwide, with the lessee given the priority to buy the unit with no down payment.

For more information about the GSIS housing programs, interested parties may visit the GSIS website, check the official Facebook page, @ gsis.ph or email gsiscares@gsis.gov.ph.