The Government Service Insurance System (GSIS) has helped more Filipinos achieve their fundamental right to home ownership through its Pabahay sa Bagong Bayaning Manggagawa (PBBM) initiative.
In support of the government’s 4H housing program, the GSIS has made the dream of having a home possible for more than 5,000 members and non-members through the Lease with Option to Buy (LWOB) and Housing Accounts Restructuring and Condonation Program.
“Home ownership is more than just shelter — it is a basic human right, even more fundamental than suffrage or the right to vote,” GSIS president and general manager Wick Veloso emphasized.
“Through our housing programs, we ensure our members have access to this life-changing opportunity while helping safeguard their future.”
Affordable housing options
As of December 2024, the LWOB program has empowered 3,360 households to work toward owning their dream homes through reasonable means, with properties under the program valued at P2.84 billion. The initiative helps GSIS sustain its commitment to provide affordable housing options for government employees.
Meanwhile, the Housing Accounts Restructuring and Condonation Program has provided relief to 1,618 borrowers by condoning P2.6 billion in penalties and granting P175 million in interest discounts, making home ownership more attainable for public servants.
The program has helped members successfully complete their payments and achieve full home ownership and avoid cancellation or foreclosure of the property.
One of the beneficiaries of the LWOB program, Mabel Perez, an employee of the Institute for the Administration of Justice-UP College of Law, shared how the program made her dream of having her own home a reality.
“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,” she said, adding that she encourages other government employees to avail themselves of the program.
Revenue to support obligations
In addition to addressing the housing needs of its members, the GSIS has generated revenue to support its long-term obligations.
As of December 2024, the GSIS reported P428 million in lease income and gains from home sales, P272 million from real estate loans, and P162 million from security deposits of completed transactions.
The GSIS’s strong financial results as of the third quarter of 2024 has supported its capacity to provide affordable home ownership programs.
Total assets increased by 8 percent, to P1.8 trillion, while net income from operations surged by 58 percent to P120 billion. Overall revenues climbed to P258 billion, reflecting a 27 percent growth compared to last year’s P204 billion.
