Suspension of SSS and GSIS loan payments, plus more relief measures package from the government
Posted on October 5th, 2009
President Gloria Macapagal-Arroyo has approved the one-year suspension of payments for salary and housing loans of members of the Social Security Systems (SSS) and Government Service Insurance System (GSIS), according to her economic adviser. This is in line with helping the victims of Tropical Storm Ondoy and Typhoon Pepeng.
“A one-year deferral of installment payments for salary and housing loans of SSS and GSIS members would result in higher take-home pay for 700,000 GSIS and 4.8 million SSS members,†said Albay Governor Joey Salceda, who added that the suspension of payments was part of an P86-billion rehabilitation package of the government for the victims.
The suspension of payments would result to approximately P32 billion in additional cash flow for ordinary households, P4 billion for GSIS and P28 billion for SSS. “This effectively overrides original plans of the GSIS and SSS for incremental loans to members who need to apply while this plan would require less effort from members and less paperwork for the two pension agencies,†Salceda said.
The president ordered agencies to implement a comprehensive relief package measures for those affected by Ondoy and Pepeng during the joint Cabinet and National Disaster Coordinating Council meeting last September 29 in Cainta, Rizal.
Salceda said that the package contained a four-point demand-side liquidity strategy that he earlier proposed. The second major item of the package is P35 billion for small businesses through a five-year special rediscounting window at 91-day Treasury bills plus 2% that would enable banks to restructure loans.
A P15-billion home improvement loan program by Pag-IBIG of Home Development Mutual Fund comprises the third component of the package. Here, an eligible member can avail himself of P150,000 which is on top of his outstanding loan, payable in 10 years.
The Philippine Health Insurance Corp. (Philhealth) comes in as the fourth item, where members are given three months of the average monthly reimbursements to its accredited outlets, an amount that could reach P4 billion, said Salceda.
How can we avail of the moratorium for the GSIS, our AAO do not know what to do for the GSIS office in DAVAO CITY do not know about the moratorium. Please help us, we teachers from DAVAO City want to avail.
Thank you.