GSIS allocates P8.6 billion for emergency loans

MANILA, Philippines —  The Government Service Insurance System (GSIS) has set aside nearly P8.6 billion worth of emergency loans for members and pensioners in Luzon affected by various typhoons.

In a statement, the GSIS said the amount covers 363,547 active members and old-age and disability pensioners affected by recent typhoons. These include areas in Isabela, Cagayan, Pangasinan, Ifugao, Nueva Vizcaya, Batangas, Camarines Norte, Catanduanes, Masbate and Sorsogon.

The areas suffered damages from the onslaught of typhoons such as Nika, Ofel, Pepito and Kristine.

Under the emergency loan facility, qualified members who have existing emergency loan may borrow up to P40,000 to pay off their previous emergency loan balance and enable them to receive a maximum net amount of P20,000. Those without existing emergency loan may apply for P20,000.

Old-age and disability pensioners may also apply for a P20,000 emergency loan, provided they are residing in the calamity areas and their net basic monthly pension is at least 25 percent after loan deductions.

The GSIS said eligible to apply are active members who are working or residing in the calamity declared areas, have no due and demandable loan, not on unpaid leave, have paid premiums in the last six months prior to application, have no pending administrative or criminal case, and with a net monthly take-home pay of at least P5,000 after deductions.

“The loan comes with a six percent interest rate, no service fee, and payment period of three years. It includes a redemption insurance, which ensures that the balance will be deemed fully paid in the event of the borrower’s death, as long as payments are up-to-date,” the GSIS said.

It added that members and pensioners may apply for the loan through the GSIS Touch mobile application, which may be downloaded from the Google Play and Apple App stores.

The loan proceeds are electronically credited to the borrowers’ eCard or UMID card, according to the GSIS.

Respective deadlines for the emergency loan applications have been set by the agency per area.

In the province of Isabela, the deadline for application is on Jan. 4, while the deadline for application in the provinces of Ifugao and Nueva Vizcaya, and the towns of Burgos and Bautista in Pangasinan province is on Jan. 5.

The emergency loan window is also open in the provinces of Cagayan until Jan. 16; Albay on Jan. 23; Batangas, Camarines Norte, and Catanduanes, until Jan. 28.

Qualified borrowers in the provinces of Quezon (excluding Lucena City), Camarines Sur, and Laguna; city of Naga; municipalities of Juban, Bulan, Irosin, Barcelona, Donsol, Matnog, and Castilla in Sorsogon; and municipality of San Fernando in Masbate have until Jan. 30 .