THE Government Service Insurance System is providing a debt relief program to help borrowers who are currently struggling to make payments under its housing loan program.GSIS President and General Manager Wick Veloso says the program is aimed at quickly providing relief to the worst hit among its members.As of the first quarter this year, GSIS has processed debt relief for about 1,143 housing loan borrowers under its Housing Accounts Restructuring and Condonation Program .
This condonation program is part of the broader Pambansang Pabahay Para sa Pilipino initiative of the Marcos administration under the Pabahay para sa Bagong Bayaning Manggagawa.The HARCP allows borrowers to 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.