State pension fund Government Service Insurance System (GSIS) has extended the deadline for application to the GSIS Program for Restructuring and Repayment of Debts (GSIS-PRRD) until 30 September 2020.
GSIS-PRRD is the one-time condonation and restructuring program for members who are already out of government service to settle their outstanding loan balances in full or in part.
“GSIS is intensifying its efforts to recover and collect outstanding and non-moving loan accounts through the program. It likewise addresses the clamor of separated GSIS members and pensioners for a little more time to restructure their loans and pay the remaining balance through instalment,” GSIS Chairman and Acting President and General Manager Rolando Ledesma Macasaet said.
GSIS-PRRD availees may settle their balance until 31 December 2020.
“We urge inactive GSIS members to apply for PRRD so they can pay their remaining balance free of penalties on an instalment basis at 10% interest per annum only,” the pension fund chief said.
GSIS-PRRD covers various service loans, which include 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, Home Emergency Loan Program (HELP); 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 GSIS Financial Assistance Loan (for DepEd Personnel).