PPG ON THE CLEANSING OF ACCOUNTS UNDER THE BAHAY KO PROGRAM (BKP)
for the purpose of acquiring low-cost housing units under the “Bahay Ko
Program” (BKP);
WHEREAS, the GSIS processed applications and loan documents
from public school teachers for the acquisition of houses and lots in
Teresa, Monteverde, and Jaraville Homes in Tarlac City and released the
loan proceeds to the JQG Home Development Corporation, the developer of
these housing projects;
WHEREAS, the GSIS was deluged with complaints from teachers who
denied having signed the housing loan documents or who admitted that
they were enticed by the developer to sign the housing loan documents
but were assured that their applications will not be approved without
notice to them;
WHEREAS, the GSIS conducted an investigation and discovered
that there was basis to the allegations and complaints of the teachers;
WHEREAS, in order that the outstanding balances of these
alleged housing loans will not be deducted from the retirement and
pension benefits of the teachers and at the same time safeguard the Fund
by enabling the GSIS to recover the cost of its investment and other
expenses for these housing loans under the BKP, the Vice President, Real
Estate Asset Disposition and Management Office (READMO), in his
Memorandum dated 9 May 2013, submitted the proposed Policy and
Procedural Guidelines (PPG) on the Cleansing of Accounts under the Bahay Ko Program (BKP);
WHEREAS, the proposed PPG will provide the implementing guidelines for Board Resolution No. 51, issued on 22 March 2012;
RESOLVED, to APPROVE and CONFIRM the PPG on the Cleansing of Accounts under the Bahay Ko Program (BKP), as recommended by the Vice President, READMO;
RESOLVED FURTHER, that this PPG shall likewise cover other similarly situated accounts developed and sold under the BKP;
RESOLVED FINALLY, that Board Resolution No. 51, dated 22 March 2012, is hereby SUPERSEDED;
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.