STATE-run Government Service Insurance System (GSIS) announced it has condoned P698,419,090.76 in loan penalties under a restructuring program.
Called the program for restructuring and repayment of debts (PRRD)—the acronym is a nod to President Duterte—it is GSIS’s one-time condonation that gives the opportunity for members who are already out of government service to settle their outstanding balances either in full or in part.
Acting President and General Manager Rolando L. Macasaet urged other qualified inactive members to avail themselves of the program since GSIS has decided to extend the deadline for application until September 30 this year.
“The program has eased the burden of members who worry about paying their outstanding loan balances that have incurred interest and surcharges over time,” Macasaet said in a GSIS statement issued on January 30.
The GSIS said it has collected a total of P144,407,503.09 from 2,630 members who opted to pay in full since the program was launched.
On the other hand, 2,195 members who opted to pay on a three-year installment basis are repaying their debts at 10-percent interest per annum.
The total restructured amount under the PRRD has reached P393,178,773.59 from 7,450 loan accounts, the GSIS said.
The GSIS said the PRRD covers various loans, including salary loans and emergency loan assistance, among others.