The Government Service Insurance System (GSIS) has empowered over 5,000 Filipino families to achieve home ownership through its innovative housing programs, Pabahay sa Bagong Bayaning Manggagawa (PBBM).
The programs, which include the Lease with Option to Buy (LWOB) and Housing Accounts Restructuring and Condonation Program (HARCP), aim to make affordable housing a reality for government employees and other Filipinos.
“Home ownership is more than just shelter – it is a basic human right, even more fundamental than suffrage or the right to vote,” said GSIS President and General Manager Wick Veloso.
The LWOB program has helped 3,360 households as of December 2024, enabling them to work toward owning their homes at affordable terms. The properties under this program are valued at PHP 2.84 billion.
One beneficiary, Mabel Perez, an employee of the Institute for the Administration of Justice at the UP College of Law, shared her experience.
“This is the best help that GSIS gave me. I’m very happy with their pricing. With LWOB, it’s the easiest way to own a house,” Perez said.
The HARCP has provided relief to 1,618 borrowers by condoning PHP 2.6 billion in penalties and granting PHP 175 million in interest discounts. This initiative has enabled members to avoid foreclosures and achieve full home ownership.
In addition to fulfilling its mandate, GSIS generated PHP 428 million in lease income and home sales, PHP 272 million from real estate loans, and PHP 162 million in security deposits from completed transactions in 2024.
GSIS’s strong financial position as of the third quarter of 2024 underscores its ability to deliver these programs. Its total assets reached PHP 1.8 trillion, up 8% from the previous year, while net income surged by 58% to PHP 120 billion.
To learn more about GSIS housing programs, visit www.gsis.gov.ph or contact the GSIS hotline at 8847-4747.
