Lawmaker seeks suspension of loan payments in quake-hit areas

MANILA, Philippines - Alay Buhay Party-list Rep. Weslie T. Gatchalian has filed a resolution mandating the Government Service Insurance System (GSIS), Social Security System, Pag-IBIG and all government financial institutions to suspend payments of loans and condonation of interests and penalties for 180 days to all victims of the earthquake that struck Visayas and parts of Mindanao.

In House Resolution No. 384, Gatchalian said a payments suspension would greatly alleviate the suffering of earthquake victims – totaling around 28 million people or half a million families.

Despite the declaration of a state of calamity in the affected areas, fund releases and even relief operations from government agencies and various NGOs are not adequate to address the emotional, financial and physical miseries of the victims especially the loss of lives and properties.

“The suspension of loan payments for 180 days or six months would give the victims enough time to recover from the disaster and rebuild their lives. It is the inherent power of the state as the guardian of the people to intervene and protect their best interest,” Gatchalian added.