MANILA: The Government Service Insurance System (GSIS) has helped 1,143 struggling housing borrowers by condoning PHP1.6 billion worth of penalties and providing PHP121 million worth of interest discounts as of the first quarter of this year.
GSIS President and General Manager Wick Veloso said this was made possible through the Housing Accounts Restructuring and Condonation Program (HARCP) that aims to quickly provide relief to members who are struggling to meet overdue payments on their housing loans.
The HARCP allows borrowers to lower their monthly payments by restructuring their loans, extending their repayment periods up to 10 years, and securing a 50 percent discount on the remaining interest if they pay their debt in full.
‘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,” Veloso said in a news release on Thursday.
‘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.’
Veloso said the condonation program is part of the broader Pambansang Pabahay Para sa Pilipino Housing (4PH) Program of the Marcos administration under the Pabahay para sa Bagong Bayaning Manggagawa ng Pamahalaan (PBBM), that promotes accessible and affordable homeownership for government workers.
‘This move will help these families secure their homes during the most difficult of times. We are here to listen, understand and help them find the best way forward,” he said.
GSIS also offers the Lease with Option to Buy (LWOB) program, leasing over 13,000 housing units nationwide with the lessee given the priority to buy the unit without a down payment.
Source: Philippines News Agency