GSIS returns P19B in loan payments to over 700,000 members

MANILA, Philippines — The Government Service Insurance System (GSIS) has refunded P19 billion in loan payments to more than 700,000 members as of end-August, putting it on track to breach the P20-billion mark ahead of the program’s deadline next month. In a statement on Tuesday, GSIS said the refunds under the Balik Ginhawa programs covered nearly 1.3 million loan contracts. READ: https://business.inquirer.net/603301/gsis-h1-profit-jumps-28-percent The initiative released P19 billion in total, with P8.9 billion from Balik Ginhawa 1 and P10.1 billion from Balik Ginhawa 2. The latest figure came nearly a month after GSIS said it had returned more than P18 billion in loan amortizations to qualified members and pensioners under the two programs. GSIS first launched the program in April covering December 2025 to February 2026 payments, then expanded it in July to include March to May 2026. The program allows qualified members and pensioners to receive refunds for up to six months of eligible loan amortizations. The enhanced program will remain open for applications until Oct. 31. Unlike a traditional loan moratorium, regular loan deductions continued under the program, with qualified borrowers receiving refunds for eligible payments instead. READ: GSIS microloan releases reach P27.3B For instance, a government employee paying P20,000 a month in loan amortizations could receive the equivalent of up to P120,000 in refunds for six months of covered payments. “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,” GSIS President and General Manager Wick Veloso said. “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,” Veloso added. /pai