GSIS Extends Tolerance Plan – Manila Standard
The state pension fund, the Government Service Insurance System, announced on Tuesday that it was extending the tolerance program for former members until June 30.
Called the Debt Restructuring and Repayment Program, it is a one-time abandonment and restructuring program under GSIS’s Ginhawa for All program. It was launched to help members who are already out of service settle all or part of their outstanding loan obligations.
PRRD covers various service loans, which include payday loans; cash advance; consolidated loans; emergency loans; educational assistance loans; policy loans, among others.
“We are encouraging our inactive GSIS members to apply for PRRD, which gives them the option of paying off their loan balance on a three-year installment basis at an interest rate of only 10% per annum,” he said. said GSIS President and CEO Rolando Ledesma Macasaet.
PRRD beneficiaries can settle their loans by paying directly at GSIS offices or through Bayad centres. If the borrower is a retiree who will receive the pension at age 60 or after five years, the payment may be deducted from his pension.