Philippine pension fund Government Service Insurance System (GSIS) will start collecting loan repayments from its members in July after extending its moratorium to the end of this month to give those struggling financially from the coronavirus crisis some relief.
GSIS, a pension fund for federal government workers, had initially given borrowers a three-month moratorium from March to May.
“However, with the continuing crisis and quarantine measures, we made it a four-month moratorium to tide over our members and pensioners," Rolando Ledesma Macasaet, president and general manager of GSIS, says in a statement on June 27.
The moratorium covers a range of lending, including emergency loans, educational loans and pension loans.
The Philippines has the third largest number of coronavirus cases in Southeast Asia after Indonesia and Singapore. It reported 35,455 cases, including 1,244 deaths, as at June 29.
According to latest available data, GSIS had 1.13 trillion pesos (US$22.67 billion) of assets as of end-2018.