STATE-run Government Service Insurance System (GSIS) is renting out its housing units with the lessee given an option to buy the property.

The GSIS said in a statement on Thursday that under the plan, it will rent out its housing units to interested parties who will have first priority to buy them at any point during the lease arrangement.

The program, Leasing With Option to Buy, provides a one-year lease arrangement that can be renewed at GSIS' discretion.

If the unit is occupied, the occupant will be given first priority to lease with the opportunity to buy the property, according to the government-owned pension. If the property is vacant, it will be available for rent to anybody who meets the program's requirements.

The GSIS added that an interested lessee must be a Filipino citizen who is legally entitled to engage into a lease agreement and financially capable of paying rental obligations to be eligible for the program.

If lessees choose to purchase the property, they must submit an option-to-purchase proposal to GSIS for approval. The purchase price is equal to the property's current market value at the time of approval or any offer received for the same property, whichever is higher.

Rolando Ledesma Macasaet, GSIS president and general manager, said, "Prospective lessees only need to submit a properly accomplished application form and two valid government-issued identification cards."