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GSIS OKs 3-month moratorium on loan payments


The Government Service Insurance System (GSIS) will grant a three-month moratorium on the payment of loans of its members and pensioners amid the extended enhanced community quarantine in Luzon.

In a statement issued on Tuesday, GSIS president and general manager Rolando Ledesma Macasaet said that the state pension fund’s board of trustees approved Resolution No. 42-2020, which grants the moratorium.

“The GSIS Board of Trustees, in compliance with the ‘Bayanihan Heal as One’ law, decided to grant a moratorium to our borrowers,” Macasaet said.

Section 4 (aa) of Republic Act No. 11469 or “Bayanihan Heal as One Act” instructs all lending institutions to grant a 30-day grace period or extension on loan payments during the enhanced community quarantine (ECQ) period without imposing interest or penalties on borrowers.

Under the said GSIS Board Resolution, the collection of loan payments due in the months of March, April and May 2020 shall be deferred.

GSIS will resume collection of loan payments on June 1, 2020 without penalty or additional interest.

All loan terms, as a result of the moratorium, shall be effectively extended by three months.

“We hope that this 90-day grace period will give our members some financial relief in these trying times,” Macasaet said.

Aside from regular government employees, pensioners with GSIS pension loans will also get a moratorium.

“We are halting loan deductions in their next month’s pension [in May],” Macasaet said.

GSIS housing loan borrowers will likewise not be required to pay their monthly amortizations during the said three-month period.

All GSIS borrowers are automatically covered by the moratorium, except those whose loan accounts are in default as of February 29, 2020.

GSIS considers a loan in default when the account has incurred more than six months of unpaid amortizations.

Macasaet said that GSIS already issued a memorandum circular instructing all heads of government agencies to stop loan deductions for the months of March, April and May 2020.

He however emphasized that government employees' premium contributions will continue to be deducted and remitted to the GSIS. — Ted Cordero/BM, GMA News

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