Manila, May 9 -- The Government Service Insurance System (GSIS) has helped 1,143 struggling housing borrowers by condoning PHP1.6 billion worth of penalties and providing PHP121 million worth of interest discounts as of the first quarter of this year.

GSIS President and General Manager Wick Veloso said this was made possible through the Housing Accounts Restructuring and Condonation Program (HARCP) that aims to quickly provide relief to members who are struggling to meet overdue payments on their housing loans.

The HARCP allows borrowers to lower their monthly payments by restructuring their loans, extending their repayment periods up to 10 years, and securing a 50 percent discount on the remaining interest if they pay their debt in ful...