August 12, 2024 | 12:00am
MANILA, Philippines — State-run pension fund Government Service Insurance System (GSIS) has extended its restructuring program for borrowers who availed of various service loans.
In a statement, GSIS said the Restructuring Program for Service Loans (RPSL), which was opened in May last year, has been extended until May 19, 2025 in a bid to help borrowers in their loan payments.
GSIS president and general manager Wick Veloso said the extension of the program for all past due loans would allow borrowers to benefit from longer and more affordable payment terms.
The RSPL provides delinquent borrowers more options to lower their past due balances and offer a more flexible and affordable option to pay off their loans.
It is designed to aid former members, old-age pensioners, re-employed members and borrowers with overdue loans.
The program also provides a one-time condonation and restructuring option to manage due and demandable service loans, as well as their penalties and surcharges.
The RPSL covers a wide range of service loans including salary, emergency assistance, member’s cash advance, consolidated loan, home emergency loan, educational assistance, stock purchase and policy loan, among others.
Borrowers availing of the program can choose to pay in full or through installments.
For installment payments, a down payment of 10 to 75 percent is required, with the remaining balance payable over up to five years at an interest rate of three to six percent.
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