GSIS to refund P19 billion in loan payments

MANILA, Philippines — The Government Service Insurance System (GSIS) is set to refund more than P19 billion in loan payments to about 1.37 million members and pensioners under its three-month loan moratorium program.

The program, Balik Ginhawa, returns up to three months of amortizations in a lump sum. It also covers loan payments made from December 2025 to February 2026 and applies only to members and pensioners with active loan accounts who made payments during the period.

Refund amounts will vary depending on how many payments were made.

GSIS said monthly loan amortizations among covered borrowers range from P4,000 to P39,000, equivalent to roughly P12,000 to P117,000 over three months.

Unlike a traditional moratorium that suspends collections, GSIS will continue loan deductions but refund up to three months of amortizations in a single payout.

GSIS President and General Manager Wick Veloso said the approach is meant to deliver faster financial relief.

"This is a more responsive approach than a traditional moratorium. Instead of suspending payments, we are returning up to three months of amortizations in one lump sum, giving our members immediate support when they need it most," Veloso said.

Previous GSIS relief measures

The program follows earlier GSIS relief measures, which were generally targeted and focused on payment breaks or debt restructuring.

In November 2025, GSIS granted a three-month loan payment break to members and pensioners in typhoon-affected areas.

In May 2024, it rolled out a debt relief program that waived P1.6 billion in penalties for housing loan borrowers and introduced a similar refund-based moratorium scheme.

The latest Balik Ginhawa program expands that model nationwide, covering a larger pool of beneficiaries and a significantly higher refund amount.