GSIS loan moratorium extended for Yolanda-hit members, pensioners

State pension fund Government Service Insurance System extended the loan moratorium period from May 2014 to October 2014 for some 300,000 members and pensioners either living or working in the 126 areas severely affected by typhoon Yolanda.

GSIS President and General Manager Robert Vergara said that “we recognize that our members and pensioners continue to suffer the devastating effects of typhoon Yolanda.”

The grant of moratorium on all outstanding loans will enable “them to use the deferred payments on their GSIS loans to rebuild their homes.”

The program automatically covers all active loan accounts as of October 31, 2013, of pensioners and members living or working in the 126 Yolanda-hit areas that were declared under a state of calamity.

In particular, all active GSIS loans accounts, even those with arrears, are covered by the moratorium. Also included are the emergency loan accounts granted for members and pensioners within November 1 to December 31, 2013.

These loan accounts cover consolidated loan, cash advance, pension loan, pensioner’s restructured loans, policy loan, emergency loan, enhanced salary loan, educational assistance loan, summer one- month salary loan, and housing loan.

In addition, the accounts of pensioners who availed of the installment payment of loans after retirement or Choice of Loan Amortization Schedule Program are covered by the moratorium.

Members and pensioners do not need to apply for the moratorium. GSIS has issued a memorandum circular to its partner agencies on the extension of the loan moratorium period.

The deductions for loan amortization will resume in November 2014. However, members and pensioners who renew any of their loan accounts before the end of the moratorium period will forego the benefit for the particular account that they will renew. The moratorium will still apply to other loan accounts that are not renewed.