GSIS RESOLUTION NO. 48, March 05, 2008
IMPLEMENTATION OF A CONDONATION PROGRAM ON OUTSTANDING SERVICE LOANS
1. Proposed unilateral condonation of penalties and surcharges and interest on service oriented loans declared in default as of December 31, 2007, as follows: ,
-100% condonation of penalties and surcharges
-50% waiver of interests
2 Restructuring of the remaining balance of the loan, after deducting the condoned amounts trough the Consolidated Loan Program.
RESOLVED FURTHER, to DIRECT the Senior Vice President (Corporate Services ) in coordination with the Vice President (Public Affairs Office) to conduct an information drive regarding this program.
RESOLVED, FINALLY, to DIRECT the SVP (CSG) to submit a report to the Board, after six (6) months, as to the impact of this program, including the financial implications on the Funds of the System.
Adopted; 5 March 2008 (Board Meeting No. 5)