The Government Service Insurance System (GSIS) said it waived P1.6 billion in penalties for the beneficiaries of its housing loan program in the first quarter of 2024.

In a statement, the GSIS also said it gave P121 million in interest discounts to borrowers under their Housing Accounts Restructuring and Condonation Program (HARCP). 

The GSIS said it hopes to help families secure their homes during difficult times. 

“Eviction is not our goal. We continuously support them and ceaselessly provide viable solutions in times of need,” said GSIS President and General Manager Wick Veloso.

“We are here to listen, understand and help them find the best way forward,” he added.

Under the HARCP, borrowers can lower their monthly payments by restructuring their loans, extending their repayment periods up to 10 years, and securing a 50 percent discount on the remaining interest if they pay their debt in full. 

Borrowers can make their payments by payroll deductions, monthly cash or manager’s checks, post-dated checks, or through the GSIS Housing Online Payment system.