MANILA, Philippines - The Government Service Insurance System (GSIS) has opened a P20,000 pension emergency loan (PEL) window to old-age pensioners living in areas hit by Typhoon Glenda.
GSIS president and general manager Robert Vergara said more than 37,000 pensioners in the 21 calamity-declared areas may avail of the emergency loan program.
The loan is payable in three years and carries an interest of six percent.
Vergara said the loan is also covered by a loan redemption insurance that waives the outstanding balance of the loan in case of the death of the borrower.
Qualified pensioners have until Sept. 4 to apply for the loan. Applicants may apply over the counter in GSIS offices.
They must bring their eCard and another government-issued ID as well as a photocopy of both in applying for the loan.
“GSIS opened the loan to pensioners hit by Typhoon Glenda as they are not spared from the damages wrought by the typhoon,” Vergara said.
The proceeds of the loan would be credited to the pensioners’ eCard or UMID card account.
In the seven months ending July this year, the GSIS has released a total of P1.7 billion in emergency loans benefitting more than 51,000 members and pensioners.