State-run pension fund Government Service Insurance System (GSIS) said it will pause from collecting payments on borrowings by its members and pensioners in Albay province to help them recover from the damage caused by Typhoon Glenda.
Glenda first hit Albay on July 15 before it fully became a typhoon and left 20 dead and eight locations under a State of Calamity (SC) including Albay, Obando, Bataan, Muntinlupa, Cavite, Camarines Norte, Camarines Sur, and Gumaca, Quezon.
Right after Glenda’s wrath, GSIS offered a P20,000 emergency loan window for members and pensioners in the eight areas declared under SC.
“The moratorium [of loan payments]will enableour members and pensioners to use the deferred payments on their outstanding GSIS loans for the repairs of their homes and other urgent needs,” GSIS President and General Manager Robert Vergara said in a statement issued to the media.
The moratorium on GSIS loan settlements commences this month and will end in February next year. It covers six loan types: conso-loan; emergency loan; optional policy and regular policy loans; pension loan; pensioners’ emergency loan; and pensioners’ restructured loan.
Also, GSIS will suspend monthly loan amortizations from pensioners in Albay, except for housing loans, which will have a “separate restructuring program until December 31 this year.”
To qualify for the moratorium, GSIS said the loan accounts should still be within the payment term and have no arrears for six months or more. GSIS has already advised the local government agencies in Albay to stop loan amortizations covered by the moratorium within the six-month period.
Vergara said pensioners do not need to apply for the moratorium as “they have already been electronically identified and tagged in our database.”
For inquiries on the loan moratorium program, members and pensioners may call GSIS contact center at 847-4747.