Manila Bulletin
GSIS grants 90-day loan payment moratorium
The Government Service and Insurance System (GSIS) has granted a three-month moratorium on loan payments for its members and pensioners, including housing loan amortizations, in compliance with the Bayanihan Heal as One Law.
The moratorium covers loan payments originally due in March, April, and May 2020.
Loan collections will resume on June 1, 2020, without any penalties or additional interest.
The terms of all affected loans will be extended by three months.
GSIS President and General Manager Rolando Ledesma Macasaet expressed hope that this 90-day grace period will provide financial relief to members during the current challenging times.
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The Bankers Association of the Philippines (BAP) supports the "Bayanihan To Heal As One" Act and trusts its Implementing Rules and Regulations (IRR) will safeguard financial institutions.
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The Securities and Exchange Commission (SEC) has directed all lending and financing companies to postpone loan collections and penalty charges during the COVID-19 national emergency.
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The Government Service Insurance System (GSIS) released the April pension early on April 2, ahead of Holy Week, to aid pensioners during the enhanced community quarantine.
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