The refunds cover nearly 1.3 million loan contracts, with P8.9 billion credited under the first Balik Ginhawa program and P10.1 billion under the enhanced Balik Ginhawa 2.
For a government employee paying P20,000 a month in loan amortizations, six months of relief could free up as much as P120,000 for other expenses, according to GSIS.
Financial breathing room
The pension fund said money that would otherwise go toward loan payments during the covered period could instead be used for tuition, household bills, medical expenses, groceries or home repairs.
“Balik Ginhawa is about putting money back into the hands of our members and letting them decide where their families need it most. That can make a real difference in a family’s life,” said GSIS president and general manager Wick Veloso.
Unlike a new loan, Balik Ginhawa does not require qualified members to take on additional debt to obtain funds for immediate expenses.
The first Balik Ginhawa program began on March 1, while the enhanced Balik Ginhawa 2 started on July 1. Both provide qualified members with refunds corresponding to loan payments covered by the moratorium.
P20B within reach
With P19 billion already credited, the GSIS is nearing the P20-billion mark with two months remaining before Balik Ginhawa 2 closes on Oct. 31.
Veloso urged qualified members who have yet to avail themselves of the program to apply before the deadline.
“We want every qualified member to benefit. There is still time to apply for Balik Ginhawa 2, and we encourage our members not to wait until the last minute,” he said.
GSIS said Balik Ginhawa forms part of its broader effort to translate the pension fund’s financial strength into benefits that directly help members and their families.
“Our goal is not simply to build a stronger GSIS. Our goal is to make that strength felt by every member and every family we serve. Ang pondo ng GSIS ay para sa ginhawa ng ating mga miyembro (GSIS funds are meant for the well-being of our members.),” Veloso said. —Ed: Corrie S. Narisma.
