Garcia explained that the loan facility will provide GSIS members with additional financial means even as the GSIS has already processed and paid the more than 200,000 claims and loan applications it received during the period of massive records updating.
He revealed that in 30 working days, GSIS completed the processing and payment of the more than 200,000 claims and loans received during the four-month period it undertook massive records updating.
What were posted by the GSIS during the four month period were premium and loan repayment records contained in remittance lists which he discovered were warehoused for the past ten years without having been posted in GSIS computer.
Processing of the emergency loan assistance will take only one day. Garcia calls this the (received today release tomorrow) processing standard. Garcia emphasized that he has given instructions to all GSIS operating units situated all over the country to release loan proceeds the next working day after these are received by GSIS offices.
The GSIS Emergency Loan Assistance window is just one measure adopted by the GSIS under the administration of President Arroyo to ease the financial woes of government employees.
The Emergency Loan Assistance is separate and distinct from the GSIS salary loan window. No deductions shall be made on the loan except for the usual service fee and loan redemption insurance premium. Interest is 10 percent per annum integrated in the 24 monthly amortizations.