Manila: More than 700,000 government workers have received PHP19 billion in refunded loan payments from the Government Service Insurance System (GSIS), freeing up money that would otherwise have gone to monthly amortizations.

According to Philippines News Agency, the amount credited under GSIS's Balik Ginhawa programs as of August 31 covered nearly 1.3 million loan contracts. GSIS President and General Manager Wick Veloso highlighted that the program offers members the flexibility to use the returned money for their families' immediate needs. "Balik Ginhawa is about putting money back into the hands of our members and letting them decide where their families need it most. That can make a real difference in a family's life," Veloso stated.

Out of the PHP19 billion returned, PHP8.9 billion came from the first Balik Ginhawa program, while PHP10.1 billion was credited through the expanded Balik Ginhawa 2. GSIS explained that a government worker paying PHP20,000 in monthly loan amortizations could regain as much as PHP120,000 in spending capacity from six months of relief. This money, instead of being used for loan payments during the covered period, could be redirected to tuition and other school expenses, household bills, medical needs, groceries, or home repairs.

The first Balik Ginhawa was implemented on March 1, while Balik Ginhawa 2 began on July 1 to provide qualified members with refunds corresponding to loan payments covered by the moratorium. Notably, the relief is provided without members incurring new debt, unlike taking out another loan to raise cash for immediate expenses.

With two months remaining before Balik Ginhawa 2 ends on October 31, the pension fund is approaching PHP20 billion in total refunds. "We want every qualified member to benefit. There is still time to apply for Balik Ginhawa 2, and we encourage our members not to wait until the last minute," Veloso added. Qualified members who have yet to avail of the program may apply until the deadline on October 31.