GSIS to cancel the ‘Questionable’ accrued interests on loans for the months of ECQ last year

GSIS to cancel the ‘Questionable’ accrued interests on loans for the months of ECQ last year

GSIS to cancel the ‘Questionable’ accrued interests on loans for the months of ECQ last year

Teachers press GSIS for cancellation of ECQ accrued interests on loans

With persisting complaints from public school teachers and employees, the Alliance of Concerned Teachers (ACT) urged the Government Service Insurance System (GSIS) to cancel the ‘questionable and unjust’ accrued interests on GSIS loans for the months of enhance community quarantine (ECQ) last year, which it started charging members with loans after the ECQ was lifted.

“Nagulat ang mga guro na pagkatapos pala magkaroon ng moratorium sa pagbabayad ng utang noong ECQ ay bigla silang sisingilin ng interes sa utang para sa mga buwan ng Abril, Mayo, at Hunyo noong 2020. Malaking kaltas ito sa kanilang suweldo sa gitna ng pandemya, at hindi ito makatarungan dahil extended na nga ng 3 buwan ang utang nila at magbabayad din sila ng interes sa 3 buwan na extension,” asserted Basilio.

Basilio called on the GSIS leadership to heed their request for a dialogue and face public school teachers who complain about the collection of accrued interests. GSIS is yet to respond to ACT’s letter dated April 19, outlining its arguments for its call to cancel accrued interests and asking for a dialogue. The group also wrote a similar letter to the Bangko Sentral of Pilipinas last July 2020, asking for a halt in the collection of accrued interests as it ‘violates’ the Bayanihan Law 1.

“The collection of accrued interest is against Republic Act No. 11469 or ‘Bayanihan to Heal as One Law’, which explicitly provided for the implementation of a grace period for payment of loans during the ECQ months without incurring interests, penalties or other charges,” Basilio explained.

Basilio furthered that the charging of accrued interests was ‘unfair and counterintuitive as it defeats the purpose of bringing relief to borrowers who were suffering enough under the pandemic and the economic crisis.’ He explained that the collection of accrued interest only made the burdens of teachers heavier as it coincided with the higher expenses of teachers for the implementation of distance learning.

“Habang nag-aabono ang mga guro sa laptop, internet, modules at mas mataas na konsumo sa kuryente, sumabay pa itong accrued interest na lalong nagpaliit sa kanilang take home pay gayung napakaliit na nga ng kanilang sweldo,” lamented Basilio.
ACT was one of the first groups to call for a moratorium on loan payments amid the lockdown in March 2020 to provide immediate relief to borrowers who struggle with decreased incomes and higher prices of goods as the health and economic crisis rages.

“Yung munting tulong sana sa mga mamamayan ay naging dagdag na pasakit pa dahil sa paghahabol ng mga loan sharks sa tubo. Hindi ito tama, dapat bigyang-pansin ito ng pamahalaan,” concluded Basilio.

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