Over 5k individuals benefit from GSIS programs

The Government Service Insurance System (GSIS) has helped over 5,000 beneficiaries move closer to owning their own homes through its Pabahay sa Bagong Bayaning Manggagawa (PBBM) initiative.

This achievement is supported by two key programs: the Lease with Option to Buy (LWOB) and the Housing Accounts Restructuring and Condonation Program (HARCP), which align with the Marcos administration’s Pambansang Pabahay Para sa Pilipino Housing (4PH) Program.

“Home ownership is a basic human right, even more fundamental than the right to vote,” said GSIS President and General Manager Wick Veloso in a news release. “Through our housing programs, we ensure our members have access to this life-changing opportunity while helping safeguard their future.”

Under the LWOB program, 3,360 households are on track to owning properties valued at P2.84 billion. The program provides affordable housing options tailored for government employees.

Meanwhile, the HARCP has aided 1,618 borrowers by waiving P2.6 billion in penalties and granting P175 million in interest discounts, enabling borrowers to save their homes from foreclosure.

Beneficiaries, such as Mabel Perez, an employee of the University of the Philippines College of Law, have expressed their appreciation. “This is the best help GSIS gave me. I’m very happy with their pricing. With LWOB, it’s the easiest way to own a house,” Perez said, encouraging others to take advantage of the program.

As of December 2024, these housing programs have generated P428 million in lease income and home sales, P272 million from real estate loan repayments, and P162 million from security deposits of completed transactions.

“The GSIS’s strong financial results as of the third quarter of 2024 have supported its capacity to provide affordable home ownership programs,” Veloso added.

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