GSIS extends moratorium on loans by one month

CITY OF ZAMBOANGA: The Government Service Insurance System (GSIS) has again extended by one month its moratorium program on loans related to coronavirus disease 2019 (Covid-19) for members, retirees and other borrowers.

In a distributed report, GSIS chief executive Rolando Ledesma Macasaet explained that “the extension would bring relief to many government workers and retirees whose families were facing financial hardship due to the Covid-19 crisis.”

He claimed that the state pension fund “had earlier put in place a three-month moratorium; However, with the crisis continuing and the crisis continuing and the quarantine measures, we have imposed a four month moratorium to deal with our members and retirees. “

Macasaet, from Zamboanga, revealed that GSIS resumed collection of loan amortizations from its borrowers in July.

According to the executive of the state pension fund, “eligible for the moratorium on loans are those who do not have loan accounts that have been declared in default at

February 29, 2020: Active members; Home loan borrowers; Retired, inactive GSIS members who have taken advantage of the GSIS program for debt restructuring and repayment.

Macasaet said “a loan is considered in default if the total arrears or unpaid monthly payments equals more than six monthly amortizations”, adding that loans granted after May 23, are not eligible for the moratorium.

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