POLICY AND PROCEDURAL GUIDELINES (PPG) ON THE HOUSING LOAN REMEDIAL AND RESTRUCTURING PROGRAM
programs allowing its buyers or borrowers to recover or update their
housing loan accounts, through condonation, restructuring, amnesty,
interest reduction, penalty waivers, or combinations thereof;
WHEREAS, the last restructuring program implemented by the GSIS
was the Restructuring and Condonation Program under RA No. 9507, which
ended on 30 June 2011;
WHEREAS, the GSIS Board of Trustees and Management, in line
with the vision of establishing a member-focused organization driven by a
culture of public service, directed the crafting of a program that will
provide existing borrowers, including those with past due or delinquent
accounts, the opportunity to update and eventually pay their housing
loans with the GSIS;
WHEREAS, the Vice President, Real Estate Asset and Disposition
Office (READMO), in line with the vision of the Board of Trustees and
Management, submitted the proposed Policy and Procedural Guidelines (PPG) on the Housing Loan Remedial and Restructuring Program,
which also aims to provide a wholesale approach and solution to the
various housing loan programs implemented by previous GSIS
administrations, thereby paving the way for their eventual winding down;
RESOLVED, to APPROVE and CONFIRM the PPG on the Housing Loan Remedial and Restructuring Program, as proposed by the Vice President, READMO, in his Memorandum dated 17 May 2013.
A copy of the above-mentioned PPG[*] is attached and made an integral part of this Resolution.
[*] Text available at the Office of the National Administrative Register, U.P. Law Complex, Diliman, Quezon City.