GSIS grants 60-day moratorium on loan payments | Inquirer Business

GSIS grants 60-day moratorium on loan payments

/ 05:00 AM October 04, 2020

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.

—Ben O. de Vera

For more news about the novel coronavirus click here.
What you need to know about Coronavirus.
For more information on COVID-19, call the DOH Hotline: (02) 86517800 local 1149/1150.

The Inquirer Foundation supports our healthcare frontliners and is still accepting cash donations to be deposited at Banco de Oro (BDO) current account #007960018860 or donate through PayMaya using this link .

Subscribe to Inquirer Business Newsletter
Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Bayanihan 2, coronavirus pandemic, coronavirus Philippines, COVID-19, GSIS loan payment moratorium, Rolando Macasaet
For feedback, complaints, or inquiries, contact us.

© Copyright 1997-2020 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.