MANILA, Philippines — Members and pensioners with outstanding loans from the Government Service Insurance System (GSIS) will enjoy a two-month payment moratorium starting November, the state-run pension fund said.
In an advisory, the GSIS said the 60-day moratorium on loan payments, as mandated under the Bayanihan to Recover as One Act, will cover the months of November and December.
The moratorium was approved by GSIS president and general manager Rolando Macasaet last Oct. 1. Under GSIS Memorandum Circular No. 19, the payments or deductions of loan amortization, including principal, interest, as well as fire/redemption insurance, will resume on Jan. 1, 2021, such that remittances will be accepted on or before Feb. 10 next year.
The loan terms will also be automatically extended by two more months. No interest on the loan amortization will be charged during the period of moratorium, the GSIS said.
“However, the regular interest that is part of the loan amortizations deferred for collection during the period of moratorium shall still accrue, and shall be collected,” the GSIS said.