GSIS grants 60-day moratorium on loan payments – Philippine pension fund GSIS gives members new round of debt moratorium.
Philippine pension fund Government Service Insurance System (GSIS) is giving members a new two-month moratorium on loan repayments starting November to help alleviate hardship from the coronavirus pandemic.
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 loan terms will also be automatically extended by two more months. No interest on the loan amortisation will be charged during the period of moratorium,” the pension fund says in a statement posted on its website on October 5. It covers repayments of all types of loans.
GSIS, which manages the retirement savings of civil servants, first offered them a moratorium from March to May, and then extended it to June. Members began repaying their loans in July.
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.
The Philippines has the largest number of coronavirus cases in Southeast Asia. As of October 6, the country reported 324,762 cases, including 5,840 deaths.
GSIS had 1.19 trillion pesos (US$22.67 billion) of assets as of end-2019, according to latest available data.