MAASIN CITY, Jan. 21 (PIA) -- The Government Service Insurance System (GSIS) has introduced a condonation program called GSIS Program for Restructuring and Repayment of Debts (GSIS-PRRD) for inactive members who still have loans but are not already connected with the government.
GSIS-PRRD is a one-time condonation program offered to former GSIS members since December 2018 until December 2019, said GSIS-Maasin Manager Cecilia A. Tenaja during the PIA Kapihan on Thursday, Jan. 17.
Under the program, Tenaja said GSIS will condone unpaid interests and penalties of former members who have loan balances with the government pension fund, particularly those casual or job order employees.
"It was launched by GSIS to help them pay the remaining balances through installment basis," Tenaja said.
Tenaja said the service loans covered by the GSIS-PRRD are: Salary Loan, Restructured Salary Loan, Enhanced Salary Loan, Emergency Loan Assistance, Summer One-Month Salary Loan, Member's Cash Advance/eCard Cash Advance/eCard Plus Cash Advance, Conso-Loan, Emergency Loan, and Home Emergency Loan Program (HELP).
Moreover, the Study Now, Pay Later and Fly PAL, Pay Later loans (did not avail of the condonation program in 2014); Education Assistance Loan (did not avail of EAL II), Stock Purchase Loan (did not avail of the condonation program in 2013); Policy Loan; and the GSIS Financial Assistance Loan (for DepEd Personnel) are also included under PRRD.
The interest rate is at 10 percent per annum compounded annually.
Tenaja said that collection letters were already sent to said inactive members who are in their list.
"They can visit GSIS office for the computation of their loan balances," she said. (LDL/RGC/PIA-8 Southern Leyte)