Manila, April 21 -- The Government Service Insurance System (GSIS) on Tuesday said it has released loan amortization refunds to more than 525,000 members and pensioners under its Balik Ginhawa program, with PHP7.3 billion credited to their accounts as of April 20.

The payouts covered 525,447 approved applications out of 598,420 received, or nearly nine in 10 applicants, as processing continues for the remaining accounts.

GSIS has instructed partner banks to complete the crediting of about PHP7.5 billion, with the balance expected to be deposited within the next few working days.

GSIS President and General Manager Jose Arnulfo Veloso said the refunds form part of the government's broader response to rising living costs.

"Ang Balik Ginh...