The Government Service Insurance System (GSIS) has helped over 5,000 Filipinos achieve their dream of homeownership through its Pabahay sa Bagong Bayaning Manggagawa (PBBM) program.
The initiative utilizes Lease with Option to Buy (LWOB) and the Housing Accounts Restructuring and Condonation Program (HARCP) to align with the Marcos administration's Pambansang Pabahay Para sa Pilipino Housing (4PH) Program.
"Home ownership is a fundamental right, even more essential than the right to vote," said GSIS President and General Manager Wick Velos in a press release.
"Our housing programs guarantee our members access to this life-changing opportunity while safeguarding their future."
Through LWOB, GSIS reported that 3,360 families are on their way to owning properties valued at PHP2.84 billion.
The program allows GSIS to uphold its commitment to providing affordable housing options for government employees.
Meanwhile, HARCP has aided 1,618 borrowers by waiving PHP2.6 billion in penalties and granting PHP175 million in interest discounts, enabling public servants to keep their homes and avoid foreclosure.
Beneficiaries like Mabel Perez, an employee of the University of the Philippines College of Law, expressed their appreciation.
"This is the greatest help GSIS has given me. I'm really happy with their pricing. LWOB is the simplest method to acquire a home," Perez said, urging other government employees to take advantage of the program.
As of December 2024, the programs generated PHP428 million in lease income and home sales profits, PHP272 million from real estate loans, and PHP162 million from security deposits on completed transactions.
"GSIS's strong financial performance as of the third quarter of 2024 has bolstered its capacity to offer affordable homeownership programs," Veloso said.
For more details on housing programs, visit the GSIS website at www.gsis.gov.ph., GSIS Facebook page (@gsis.ph), email gsiscares@gsis.gov.ph, or call the GSIS Contact Center at 8847-4747 (Metro Manila).
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