Thursday, July 20, 2006
'City Hall won't pay GSIS loans'
By Danilo V. Adorador III
CITY Hall employees whose government-funded housing units are already facing foreclosures are now finding themselves slapped with a double whammy.
They were told that the City Government will not pay the interest, penalties, and other surcharges accumulated as a result of the latter's delinquency in paying housing loans with the Government Service Insurance System (GSIS
Last week, a number of employees from several City Hall departments complained of receiving foreclosure notices in their GSIS-funded housing units, despite on-time salary deductions made by City Hall.
Speaking on condition of anonymity for fear of possible reprisal, they faulted the City Government for dilly-dallying on their contributions.
The employees' housing loan repayments--as their respective papers from GSIS would show--has not been paid for the last six months.
Legal actions against the City Hall will be resorted to, once GSIS repossess their homes, they said.
Paying for the housing loan arrears, which they say had sprouted because of the City Hall's own doing, was the least they expected.
"We were shock. It was not our fault that our loans were declared by GSIS as accounts-in-default," an employee said, saying the matter was learned after a telephone inquiry to the City Budget Office early this week. "We were promptly told that the city will not shoulder the arrears."
City Budget Officer Grescelda Joson was in Ozamiz City Wednesday when this paper called her office to seek comment.
Joson has earlier said the City Government already paid the employees' GSIS premiums, though it was not clear if the housing loan repayments were also paid.
An Account-In-Default under the GSIS housing loan program is considered as an account with arrears equivalent to at least three monthly amortizations.
GSIS imposes 8 to 12 percent interest rate on its socialized and non-socialized housing packages. Penalties and other surcharges are computed monthly, though members can avail of several GSIS condonation programs.
'City Hall won't pay GSIS loans'
By Danilo V. Adorador III
CITY Hall employees whose government-funded housing units are already facing foreclosures are now finding themselves slapped with a double whammy.
They were told that the City Government will not pay the interest, penalties, and other surcharges accumulated as a result of the latter's delinquency in paying housing loans with the Government Service Insurance System (GSIS
Last week, a number of employees from several City Hall departments complained of receiving foreclosure notices in their GSIS-funded housing units, despite on-time salary deductions made by City Hall.
Speaking on condition of anonymity for fear of possible reprisal, they faulted the City Government for dilly-dallying on their contributions.
The employees' housing loan repayments--as their respective papers from GSIS would show--has not been paid for the last six months.
Legal actions against the City Hall will be resorted to, once GSIS repossess their homes, they said.
Paying for the housing loan arrears, which they say had sprouted because of the City Hall's own doing, was the least they expected.
"We were shock. It was not our fault that our loans were declared by GSIS as accounts-in-default," an employee said, saying the matter was learned after a telephone inquiry to the City Budget Office early this week. "We were promptly told that the city will not shoulder the arrears."
City Budget Officer Grescelda Joson was in Ozamiz City Wednesday when this paper called her office to seek comment.
Joson has earlier said the City Government already paid the employees' GSIS premiums, though it was not clear if the housing loan repayments were also paid.
An Account-In-Default under the GSIS housing loan program is considered as an account with arrears equivalent to at least three monthly amortizations.
GSIS imposes 8 to 12 percent interest rate on its socialized and non-socialized housing packages. Penalties and other surcharges are computed monthly, though members can avail of several GSIS condonation programs.

