GSIS grants loan moratorium to ‘Sendong’ victims

Monday, February 6, 2012

THE Government Service Insurance System (GSIS) announced that in addition to the grant of an emergency loan for members affected by Tropical Storm Sendong, the GSIS board extended a moratorium on the payment of its outstanding loans as well.

"The moratorium will enable ‘Sendong-hit’ victims to use the deferred payments on their outstanding GSIS loans for more urgent needs such as doing the repairs to damages brought about by the typhoon," GSIS president and general manager Robert G. Vergara said.

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The moratorium program, which covers members residing or working in the provinces of Misamis Oriental, Negros Oriental, Bukidnon and Lanao del Norte, suspends all interest and penalties on the outstanding loans of qualified members and pensioners.

Loans covered under the moratorium include housing loans, consolidated loans, policy loans, eCash advances and emergency loans which were granted because of Tropical Storm Sendong.

To qualify under the program, these loan accounts should have no record of unpaid amortization for more than six months as of December 31, 2011.

Pension loans and due and demandable accounts as of December 31, 2011 are however excluded from the moratorium.

The moratorium program will be implemented in two phases.

The first phase automatically defers the payment of all loan amortizations due for the months of January, February and March 2012.

"This means that our members in the four provinces need not file an application for this phase," Vergara said.

The second phase extends the moratorium from April to December 2012. Under this phase, only members, pensioners and retirees who are still recovering from the adverse effects of “Sendong” such as death of a family member, damage to residence and property, loss of livelihood and source of income, may avail of the extended moratorium program.

Members and pensioners need to file their applications together with a picture or proof showing the damage brought by the typhoon.

Members who want to avail themselves of the extended moratorium have until February 29, 2012 to apply.

"Our members and pensioners can rest assured that they can rely on their pension fund in times of their greatest need," Vergara said.

For inquiries and details about the moratorium, they may visit www.gsis.gov.ph or the nearest GSIS Branch in their area.