GSIS condonation program for inactive members extended until June 30, 2022

State workers’ pension fund Government Service Insurance System (GSIS) on Tuesday announced the extension of its condonation program, Program for Restructuring and Repayment of Debts (PRRD), for former members until June 30, 2022.

“Pinalawig natin hanggang Hunyo 2022 ang PRRD para makapagbigay ng ginhawa sa mas marami pang inactive members na gustong mag-apply ng condonation o ipagpatuloy ang kanilang pagbabayad ng kanilang loans sa ilalim ng programang ito,” GSIS president and general manager Rolando Ledesma Macasaet said in a statement.

(The PRRD is extended until June 2022 to provide relief to more inactive members who want to apply for condonation or continue paying for their loans under this program.)

“Dito ay tatanggalin namin ang penalties sa kanilang mga naiwang loan noong sila ay umalis sa serbisyo,” Macasaet said.

(Under this program, we will remove penalties on their unsettled loans when they leave government service.)

The GSIS’ PRRD is a one-time condonation and restructuring program.

It was launched in December 2018 and initially meant to run until December 2019, but was extended further to December 2020, December 2021, and February 2022.

The PRRD was launched to help members who are already out of the government service to settle their outstanding loan obligations in full or in part.

The program covers various service loans, which include salary loans; cash advance; consolidated loans; emergency loans; educational assistance loans; policy loans, among others.

“We encourage our inactive GSIS members to apply for PRRD, which gives them the option to pay their loan balances on a three-year instalment basis at 10% interest per annum only,” Macasaet said.

PRRD availees may settle their loans by paying directly in GSIS offices or through BAYAD centers.

If the borrower is a retiree who will receive the pension at age 60 or after five years, the payment may be deducted from his or her pension, according to the GSIS.

If the loan will be settled by the legal spouse, he or she may have it deducted from his or her GSIS survivorship pension or pay through the almost 3,000 Bayad partner outlets nationwide.

“We are intensifying our efforts to recover and collect outstanding loan accounts through the program. Bahagi ito ng patuloy na pangangalaga namin sa pondo ng GSIS para masigurong hindi maaantala ang pagtanggap ng miyembro sa kanilang benepisyo [This part of effort to secure the funds of GSIS to ensure the benefits of members will not be affected]," Macasaet said. — BM, GMA News