Manila, Sept. 1 -- More than 700,000 government workers have received PHP19 billion in refunded loan payments from the Government Service Insurance System (GSIS), freeing up money that would otherwise have gone to monthly amortizations.

In a news release on Tuesday, GSIS said the amount credited under its Balik Ginhawa programs as of Aug. 31 covered nearly 1.3 million loan contracts.

GSIS President and General Manager Wick Veloso said the program gives members flexibility to use the returned money for their families' immediate needs.

"Balik Ginhawa is about putting money back into the hands of our members and letting them decide where their families need it most. That can make a real difference in a family's life," Veloso said.

Of th...