GSIS extends loan restructuring program until May 19, 2025

The Government Service Insurance System (GSIS) on Friday announced the extension of its Restructuring Program for Service Loans (RPSL) until May 19, 2025.

"The GSIS offers a restructuring and condonation program for all past-due loans. This underscores our commitment to help members and pensioners manage their financial well-being and get back on track by offering flexible terms and condoning penalties," GSIS president and general manager Wick Veloso said in a statement.

Launched in May 2023, the GSIS Restructuring Program for Service Loans (RPSL) is a new restructuring program that provides delinquent borrowers with more options to lower their past-due balances and offers a more flexible and affordable option to pay off their loans.

The program is designed to aid former members, old-age pensioners, reemployed members, borrowers who previously availed of RPSL, and those with overdue loans.

It provides a one-time condonation and restructuring option, making it easier for borrowers to manage due and demandable service loans, as well as their penalties and surcharges.

Borrowers can apply for the program through the GSIS Touch, over-the-counter (OTC) payment at any GSIS branch, M. Lhuillier, USSC, or via UnionBank or Landbank mobile or web apps.

Applicants are required to submit a duly completed form along with a photocopy of the GSIS ID, Phil ID, passport, or any two valid government-issued IDs.

The RPSL covers a wide range of service loans, including the GSIS Salary Loan, Enhanced Salary Loan, Restructured Salary Loan, Emergency Loan Assistance, Summer One-Month Salary Loan, Member’s Cash Advance, eCard Plus Cash Advance, Consolidated Loan, Enhanced Consolidated Loan, Emergency Loan, Home Emergency Loan Program, Study Now, Pay Later, Fly PAL, Pay Later, Educational Assistance Loan, Stock Purchase Loan, Policy Loan, Optional Policy Loan, GSIS Financial Assistance Loan, Program for Restructuring and Repayment of Debts, Multipurpose Loan, Computer Loan, and other future loans.

“We urge government employees to reach out to our customer service team, visit our website, or visit our branches nationwide to apply. Our dedicated team is ready to assist and provide personalized support tailored to your needs,” Veloso said.

Borrowers availing of the program can choose to pay in full or through installments.

For installment payments, a downpayment of 10% to 75% is required, with the remaining balance payable over up to five years at an interest rate of 3% to 6%. — VBL, GMA Integrated News