Relief for housing borrowers: GSIS waives P1.6 billion in penalties

The Government Service Insurance System (GSIS) threw a lifeline to struggling housing borrowers in the first quarter of 2024, waiving P1.6 billion in penalties and offering P121 million in interest discounts.

The relief program, implemented through the Housing Accounts Restructuring and Condonation Program (HARCP), targets members facing financial difficulties and potential loan defaults.

“The GSIS envisions to help thousands of families under the debt-restructuring program, to lessen the pressures from other financial obligations. This will remove a large amount of stress for many, many families,” GSIS president and general manager Wick Veloso said.

“Our priority at GSIS is to ensure the well-being of our members and our pensioners. We are fully committed to help our members successfully manage their housing loans and secure their homes. Our mission is to offer support — eviction is not our goal. We continuously support them and ceaselessly provide viable solutions in times of need,” he added.

Over 1,143 borrowers benefited from loan restructuring, extended repayment options, and significant interest reductions for full settlements.

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