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July 19, 2024

GSIS launches housing loan relief, waives P1.6 billion penalties for struggling borrowers

The Government Service Insurance System (GSIS) extended substantial financial relief to struggling housing borrowers in the first quarter of 2024, waiving P1.6 billion in penalties and providing P121 million in interest discounts.

The Housing Accounts Restructuring and Condonation Program (HARCP) aims to assist members facing financial hardships and potential loan defaults.

“The GSIS aims to support thousands of families through this debt-restructuring program, easing the burden of financial obligations and reducing stress for many,” said GSIS president and general manager Wick Veloso.

“Our priority is the well-being of our members and pensioners. We are fully committed to helping them manage their housing loans and secure their homes. Our mission is to offer support, not eviction. We continuously provide viable solutions in times of need,” he added.

More than 1,143 borrowers benefited from loan restructuring, extended repayment options, and significant interest reductions for full settlements.