GSIS starts implementing one-year loan moratorium for typhoon victims

11/09/2009

The Government Service Insurance System (GSIS) has started the implementation of its one-year moratorium program for members badly hit by typhoons “Ondoy” and “Pepeng” covering their housing loan and Consolidated Loan (ConsoLoan) accounts.

The GSIS Board of Trustees earlier had approved a one-year moratorium on the payments for the GSIS loans to assist GSIS members affected by the recent typhoons get back on their feet.

The GSIS board said the moratorium will “enable them (victims of calamities) to attend to more pressing financial needs like food, clothing, relocation and/or repair of shelter.”

The moratorium on loan payments is also in support of President Arroyo’s initiative to provide members with higher take-home pay amid the recent calamities that hit the country.

“The moratorium is really for those who cannot afford to pay the monthly amortization of their housing loan or their ConsoLoan because they need to use their money for reconstruction and other repair works in the aftermath of Ondoy and Pepeng,” said GSIS president and general manager Winston Garcia.

The one-year moratorium program covers only the amortizations within the month of October 2009 up to September 2010. All housing loan and ConsoLoan accounts not declared in default as of Sept. 30, 2009 are eligible to be applied for this program.

Borrowers with arrears shall be allowed to avail themselves of the moratorium. But the moratorium period shall be limited to the difference between 12 months and the number of months in arrears.

All members who shall be granted consolidated and housing loans during the moratorium period shall not be allowed to avail themselves of this program.

To avail of the program, eligible members need to inform their respective agency authorized officers (AAO) that they will avail themselves of the one-year moratorium. The AAO, in turn, shall provide the GSIS with a list of availing borrowers.

For borrowers of housing loan accounts whose payment of monthly amortization is through post-dated checks (PDCs), they should notify the GSIS in writing that they are availing of this program; retrieve their PDCs corresponding to the moratorium period, and issue 12 PDCs for the resumption of amortization effective October 2010.

The borrowers shall resume their monthly amortizations and update their accounts starting October 2010 to avoid their accounts being declared in default.

Back to top

For comments about this website:Webmaster@tribune.net.ph
The Daily Tribune © 2006