Question & AnswerQ&A (GSIS Resolution NO. 48)
The program provides for a 100% condonation of penalties and surcharges on service loans declared in default as of December 31, 2007.
The program allows for a 50% waiver of interests on the service loans declared in default.
The remaining balance after deducting the condoned amounts will be restructured through the Consolidated Loan Program.
The Senior Vice President (Corporate Services Group) in coordination with the Vice President (Public Affairs Office) is directed to conduct an information drive regarding the program.
The purpose is to report the impact of the program, including its financial implications on the Funds of the GSIS System.
It refers to service loans taken by members or employees that have become overdue or unpaid as of December 31, 2007.
The GSIS Board of Trustees approved the Condonation Program through GSIS Resolution No. 48 on March 5, 2008.
It is considered a 100% condonation, meaning full forgiveness or cancellation of penalties and surcharges.
The resolution does not specifically mention penalties for non-participation or misuse within the text provided.