"The moratorium will enable our members and pensioners to use the deferred payments on their outstanding GSIS loans for the repairs of their homes and other urgent needs," GSIS President and General Manager Robert Vergara said.
GSIS further advised government agencies in Albay to stop loan amortizations from the salaries of employees for loans covered by the moratorium.
Albay governor Joey Salceda reminded all accountants of government offices in the province to stop deducting loan payments in line with the said moratorium.
“[I am reminding] all accountants of government offices in Albay especially the Department of Environment and Natural Resources and local government units (LGUs) to stop deducting loan payments to GSIS starting September 2014 up to February 2015 in view of the six-month loan payment moratorium approved by the GSIS Board,” Salceda said.
Salceda further explained that the concession could be used to offset the impacts of typhoon Glenda which ravaged the province last July 15 with damages in the province pegged at P6.2B.
“This concession would save Albay households and thus its economy cash-flow savings of P1.944B which could be used to offset the impact of Typhoon Glenda,” he said.
“We are thankful to GSIS Board who approved the assistance after a personal appeal and presentation of Albay before the Board and GM Bernie Vergara who was BSME 1981 as Gov. Salceda,” he furthered.
Effective this September until February 2015, loans covered under the program include conso-loan, emergency loan, optional policy and regular policy loans, pension loan, pensioners' emergency loan and pensioners' restructured loan.
To qualify for the moratorium, the loan accounts should still be within the payment term and should have no arrears for six months or more.
The System will also suspend collecting monthly loan amortizations from pensions.
Vergara noted that all qualified members and pensioners in Albay do not need to apply for the moratorium program.
"They have already been electronically identified and tagged in our database," he said.
Housing loans, however, which are covered by a separate restructuring program until December 31 this year, are excluded from the moratorium.
In the storm's aftermath, GSIS also opened a Php20, 000 emergency loan window for members and pensioners in areas declared under a state of calamity.
For inquiries on the loan moratorium program, members and pensioners may call the GSIS contact center at 847-4747 or GSIS Albay at 480-4685. --by Sally Atento-Altea (MAL/SAA-PIA5/Albay)
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