GSIS GRANTS LOAN PAYMENT MORATORIUM TO YOLANDA VICTIMS

Members of the Government Service Insurance System (GSIS) affected by Super Typhoon Yolanda may defer making loan payments to the state pension fund for six months without interest and penalties, the agency said. The loan payments moratorium took effect in November and will run until April next year. Automatically covered are members and pensioners who reside or work in 126 worst-hit calamity areas identified by the respective city or provincial councils. This is in line with President Aquino’s directive on financial institutions to grant a moratorium on loan payments to individuals and entities directly affected by the killer typhoon.


DECEMBER 2, 2013 (PHILSTAR) By Zinnia B. Dela Peña - Members of the Government Service Insurance System (GSIS) affected by Super Typhoon Yolanda may defer making loan payments to the state pension fund for six months without interest and penalties, the agency said.

The loan payments moratorium took effect in November and will run until April next year.

Automatically covered are members and pensioners who reside or work in 126 worst-hit calamity areas identified by the respective city or provincial councils.

This is in line with President Aquino’s directive on financial institutions to grant a moratorium on loan payments to individuals and entities directly affected by the killer typhoon.

Apart from the freeze on the loan payments, active members may also apply for an emergency loan program of up to P40,000 for those with an outstanding emergency loan balance and pensioners’ emergency loan of P20,000.

All active GSIS loans accounts as of Oct. 31 this year , even those with arrears, are covered by the moratorium, the pension fund said.

Also included are emergency loan accounts granted for members and pensioners from Nov. 1 to Dec. 31, 2013.

The loan accounts covered by the moratorium include the conso-loan loan; ecard cash advance; pension loan; pensioners’ restructured loan; policy loan; emergency loan; enhanced salary loan; educational assistance loan; summer one-month salary loan; and housing loan.

The accounts of pensioners who availed of the installment payment of loans after retirement or Choice of Loan Amortization Schedule Program (CLASP) are also covered by the moratorium.

According to the GSIS, members and pensioners need not apply for the moratorium. The administrative officers in concerned government offices have been advised to stop all deductions starting November.

Housing loan borrowers who have issued post-dated checks have also been notified by the GSIS to retrieve and replace the checks from the GSIS Treasury Unit.

However, members and pensioners who renew any of their loan accounts before the end of the moratorium period will forego the benefit for the particular account that they will renew. The moratorium will still apply to other loan accounts that are not renewed.

As of Dec. 5, GSIS already granted more than P2.3 billion in emergency loans. In addition, the pension fund processed 1,886 applications for pension emergency loans (PEL) amounting to P37.3 million.


Chief News Editor: Sol Jose Vanzi

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