GSIS Resolution No. 48 (2008)

(NAR) VOL. 19 NO. 2 / APRIL - JUNE 2008

[ GSIS RESOLUTION NO. 48, March 05, 2008 ]

IMPLEMENTATION OF A CONDONATION PROGRAM ON OUTSTANDING SERVICE LOANS

RESOLVED, to APPROVE the recommendations of the Senior Vice President (Corporate Services Group), for the implementation of a Condonation Program on outstanding service loans declared in default and restructuring of the remaining balance through the consolidated loan program:

1. Proposed unilateral condonation of penalties and surcharges and interest on service oriented loans declared in default as of December 31, 2007, as follows: , -100% condonation of penalties and surcharges -50% waiver of interests 2 Restructuring of the remaining balance of the loan, after deducting the condoned amounts trough the Consolidated Loan Program. RESOLVED FURTHER, to DIRECT the Senior Vice President (Corporate Services ) in coordination with the Vice President (Public Affairs Office) to conduct an information drive regarding this program. RESOLVED, FINALLY, to DIRECT the SVP (CSG) to submit a report to the Board, after six (6) months, as to the impact of this program, including the financial implications on the Funds of the System. Adopted; 5 March 2008 (Board Meeting No. 5)