GSIS announced the extension of its condonation program for inactive members.
GSIS — The Government Service Insurance System announced on Tuesday the extension of its condonation program for inactive members.
In a statement, GSIS president and general manager Rolando Ledesma Macasaet said that the state workers’ pension fund extended the Program for Restructuring and Repayment of Debts (PRRD) for inactive members until June 30, 2022.
Macasaet said that the PRRD is extended in order to provide relief to more inactive members who want to apply for condonation or continue paying for their loans under the said program.
“Dito ay tatanggalin namin ang penalties sa kanilang mga naiwang loan noong sila ay umalis sa serbisyo,” Macasaet said. “We encourage our inactive GSIS members to apply for PRRD, which gives them the option to pay their loan balances on a three-year instalment basis at 10% interest per annum only.”
The Program for Restructuring and Repayment of Debts is a one-time condonation and restructuring program. It was launched last December 2018 and initially meant to run until December 2019, but was extended further to December 2020, December 2021, and February 2022.
GMA News Online reported that the PRRD was launched in order to help GSIS members who are already out of the government service to settle their outstanding loan obligations in part or in full.
The said program covers various service loans — including cash advance, salary loans, consolidated loans, educational assistance loans, emergency loans, policy loans, among others. Based on the report, PRRD availees may settle their loans by paying directly in GSIS offices or via BAYAD centers.
Macasaet said that they are intensifying their efforts to recover and collect outstanding loan accounts through the said program.
“Bahagi ito ng patuloy na pangangalaga namin sa pondo ng GSIS para masigurong hindi maaantala ang pagtanggap ng miyembro sa kanilang benepisyo,” Macasaet said.