GSIS Loan Condonation and Restructuring Program

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GSIS NO. 48: GSIS Loan Condonation and Restructuring Program

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Title Supreme Court: GSIS Loan Condonation and Restructuring Program

Law: Gsis No. 48

Decision Date: Mar 5, 2008

GSIS Resolution No. 48 establishes a Condonation Program that offers a 100% waiver of penalties and surcharges, along with a 50% reduction in interest on outstanding service loans declared in default as of December 31, 2007, while allowing for the restructuring of the remaining balance through a consolidated loan program.

condonation program

loan restructuring

A

Condonation of Penalties, Surcharges, and Interest

100% condonation of penalties and surcharges on defaulted service loans.
50% waiver of interest on these loans.
Condonation applies only to loans declared in default as of the specified cut-off date.

Loan Restructuring Measures

Remaining balance after condonation is subject to restructuring.
Restructuring will be facilitated through the Consolidated Loan Program.
This allows borrowers to manage payments under revised terms after deduction of condoned amounts.

Administrative Directives for Implementation

The Senior Vice President (Corporate Services Group) is tasked with implementing the program.
Coordination with the Vice President (Public Affairs Office) is required to conduct an information campaign.
The objective of the information drive is to ensure affected borrowers are properly informed about the program details.

Reporting and Monitoring Requirements

The Senior Vice President (Corporate Services Group) must submit a report to the Board after six months.
The report shall cover the program's impact, including financial implications for the System's funds.
This enables proper assessment and future decision-making by the Board.

Legal and Financial Considerations

The program reflects a unilateral decision approved by the Board.
It balances financial relief for borrowers and the need to protect institutional funds.
The resolution formalizes the condonation and restructuring to be administratively managed within the GSIS framework.

END