The Government Service Insurance System (GSIS) announced on Wednesday that it has decided to extend its condonation and restructuring program for its housing accounts until December 2025. GSIS President and General Manager Wick Veloso explained that they intend not only to let their borrowers become homeowners but also to update their housing accounts and ease the process of their payments. "Maaring palawigin hanggang sampung taon pa ang pagbabayad, basta hindi aabot sa 70 years old ang buyer o borrower (The payments can continue until 10 years, as long as the buyer or borrower hasn't reach 70 years old)," Veloso said in a statement. He also vowed to initiate steps on making loans easier but also assuring that the state pension fund is in good shape. "GSIS continually seeks to enhance our loan products, helping borrowers make responsible payments while maintaining a healthy pension fund," Veloso added. With this, GSIS now offers full payment options for housing loan applicants, including a waiver of all remaining penalties and surcharges, as well as an additional discount on outstanding interest. Veloso noted that GSIS borrowers can choose payroll deductions, monthly cash or manager's checks, post-dated checks, or through the GSIS Housing Online Payment (GHOP) as payment methods. GHOP is an online payment portal accessible via a borrower's account with Union Bank of the Philippines that needs the registration of the borrower. The GSIS housing condonation program is one of three components under the Pabahay para sa Bagong Bayani na Manggagawa ng Pamahalaan (PBBM). This program also involves constructing and developing mid-to-high-rise residential buildings in strategic locations to be built on GSIS properties. The state pension fund recently announced that the first set of high-rise condominiums under the PBBM program will rise in Fairview, Quezon City beginning this year which will be available through installments over 30 years with no required down payment. Under its PBBM initiative, GSIS also leases out available housing units for current occupants under the Lease with Option to Buy (LWOB) program. Applicants for the LWOB installment sale program should be active GSIS members who have paid at least three years' worth of premiums; have up-to-date premium and loan payments; are not on leave of absence without pay at the time of application; have no pending administrative or criminal cases; and do not have an active housing loan with GSIS.

Source: Philippines News Agency