GSIS allots P128 M for emergency loans in Maguindanao, Cotabato

MANILA, Philippines - The Government Service Insurance System (GSIS) has earmarked about P127.46 million for its emergency loan program in Maguindanao and Cotabato.

The money will benefit more than 14,000 GSIS members working or residing in the province of Maguindanao and Cotabato City, which were both affected by heavy rains and declared as calamity areas by their respective provincial and city councils.

GSIS members may apply for the emergency loan from Sept. 17 until October 16 in any GSIS branch office or through the GSIS Wireless Automated Processing System (GWAPS) kiosk using their eCard or UMID-compliant eCard.

Eligible members may borrow up to P20,000, payable in 36 equal monthly installments with a reduced interest rate of six percent.

Renewal of loan may be made upon payment of at least 12 monthly amortizations, but not earlier than the anniversary date of the previous loan.

GSIS members working or residing in the said locations are eligible to avail of the emergency loan if they are not on leave of absence without pay and if they have no pending criminal or administrative charges.

Those who have no arrearages in the payment of mandatory monthly contributions and no loans declared in default are also qualified to obtain the loan assistance.

The state pension fund has also started paying the survivorship pension of those qualified under the Employees’ Compensation (EC) program, which was suspended in 2006.

This after the Employees Compensation Commission (ECC) resolved to lift the suspension of its payment beyond the five-year guaranteed period.

Under the EC program implemented by ECC, the grant of survivorship pension, mandated under Presidential Decree 626, is among the benefits given to employees who died from work-connected accident, disease, or disability.