Financial Adviser
Arroyo OKs 1-year suspension of payments for SSS, GSIS loans
LEGAZPI CITY—A one-year suspension of payments for salary and housing loans of members of the Social Security System (SSS) and Government Service Insurance System (GSIS) has been approved to help victims of Tropical Storm “Ondoy” and Typhoon “Pepeng,” an economic adviser of President Gloria Macapagal-Arroyo said Monday.
Albay Gov. Joey Salceda said the suspension of payments for SSS and GSIS loans was part of an P86-billion rehabilitation package of the government for the victims.
“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,” Salceda said.
This would amount to 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.”
During the joint Cabinet and National Disaster Coordinating Council meeting on Sept. 29 in Cainta, Rizal, Ms Arroyo ordered agencies to implement a comprehensive package of relief measures for those affected by Ondoy and Pepeng, Salceda said.
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