Government Service Insurance System (GSIS) President and General Manager Jose Arnulfo “Wick” Veloso said on Tuesday the agency is offering a condonation program and has intensified collection efforts to recover P45-billion overdue loans from its members.

The Commission on Audit earlier flagged GSIS for the deliverables.

But Veloso said the existing P45 billion in overdue loans was an improvement from the previous P74 billion.

Removing another P3.6 billion in the first 4 months of 2023, GSIS was able to reduce that to P35.6 billion, Veloso said. Some of these loans date back to 1979, he added.

"Sinisigurado po namin isa-isa po namin sinusuri at sinusuyod lahat ng may pagkakautang sa amin. Yun pong nakakausap namin binibigyan namin ng reconciliation and condonation program... Nagdagdag kami ng collection agents across the country para mapabilis ang pagkolekta," he said.

(We make sure that we're studying everyone who has existing loans, we give them reconciliation and condonation program and we make sure to add more collection agents across the country to speed up recovery)

Veloso added that the GSIS is in possession of the real estate assets of private firms with existing loans to the agency.

• COA: GSIS has P45-B overdue loans from members, P2-B from companies