MANILA – The Government Service Insurance System (GSIS) has significantly advanced the goal of home ownership for more than 5,000 of its beneficiaries through the Pabahay sa Bagong Bayaning Manggagawa (PBBM) initiative. This effort is part of a broader strategy that includes the Lease with Option to Buy (LWOB) and the Housing Accounts Restructuring and Condonation Program (HARCP), which supports the Marcos administration’s Pambansang Pabahay Para sa Pilipino Housing (4PH) Program.
GSIS President and General Manager Wick Velos emphasized the importance of home ownership, stating, “It is a fundamental human right, even surpassing the right to vote.” He highlighted that through these housing initiatives, GSIS is not only providing a life-altering opportunity but also securing the future for its members.
Under the LWOB program, 3,360 households have taken significant steps towards owning homes valued at PHP2.84 billion. This program is a testament to GSIS’s dedication to offering affordable housing solutions to government employees.
On the other hand, HARCP has supported 1,618 borrowers by forgiving PHP2.6 billion in penalties and providing PHP175 million in interest discounts. This relief has been crucial in helping public servants keep their homes and avoid the threat of foreclosure.
Mabel Perez, a beneficiary from the University of the Philippines College of Law, expressed her appreciation for the program. “The assistance from GSIS has been invaluable. The LWOB program made home ownership straightforward and affordable,” she said, urging other government employees to take advantage of the initiative.
By December 2024, these programs had also generated significant financial returns, including PHP428 million from lease income and home sales, PHP272 million from real estate loans, and PHP162 million from security deposits on completed transactions.
Velos noted that the robust financial performance of GSIS in the third quarter of 2024 has bolstered its ability to continue offering these affordable housing programs. For more details on these housing initiatives, interested parties can visit the GSIS website at www.gsis.gov.ph, check out the GSIS Facebook page (@gsis.ph), send an email to [email protected], or call the GSIS Contact Center at 8847-4747 in Metro Manila.