Delinquent borrowers of the Government Service Insurance System (GSIS) can now avail of a “flexible and lighter” option to pay their dues through a program recently launched by the state pension fund dubbed the Restructuring Program for Service Loans (RPSL).
In a news release on Oct. 17, GSIS described the RPSL as a one-time condonation and restructuring program aimed at providing delinquent borrowers a more flexible and lighter option to pay their dues and demandable service loans, as well as their penalties and surcharges.
“GSIS hopes to address the clamor of our members and pensioners who would like to settle their obligations in full or in part through flexible means,” GSIS President and General Manager Wick Veloso said.
The program, which aims to improve the pension fund’s loan collection efficiency, is also seen to benefit former members, old-age pensioners, and re-employed members.
“We urge our members and pensioners to avail of RPSL to enjoy an affordable three to six percent interest rate. By paying a down payment of at least 10 percent of their outstanding balance, they can now pay the balance on a five-year installment basis at a max of six percent interest per annum only,” Veloso said.
“By strengthening our loan collection efficiency, we are also protecting the financial health of the pension fund so that members may avail of benefit and services when they fall due.”
Borrowers may apply for RPSL over the counter at any GSIS office by submitting a duly accomplished RPSL application form, along with a clear photocopy of Phil ID, GSIS eCard, valid passport, or any two valid government-issued IDs.
Those who will avail of the RPSL may settle their loans by paying over the counter in cash or a manager’s check at the nearest GSIS office.
Meanwhile, re-employed members may have their payment shifted to payroll deduction; old-age pensioners, through old-age pension deduction.
The RPSL program covers various service loans, such as the GSIS salary loan; enhanced salary loan; restructured salary loan; emergency loan assistance; summer one-month salary loan; member’s cash advance; eCard plus cash advance; consolidated loan; enhanced conso-loan; emergency loan; Home Emergency Loan Program; study now, pay later; Fly PAL, Pay Later; educational assistance loan; stock purchase loan; policy loan; optional policy loan; GSIS Financial Assistance Loan; Program for Restructuring and Repayment of Debts; multipurpose loan; computer loan; and other future loans.
Excluded from the RPSL are the GSIS Real Estate Loan; deed of conditional sale; restructured real estate loan; pension loan; pension emergency loan and pensioner’s restructured loan. – PNA