GSIS allots P1.5 billion for dengue loans

MANILA, Philippines — State-run pension fund Government Service Insurance System (GSIS) has allocated P1.5 billion in emergency loans to members and pensioners affected by the increasing number of dengue cases.

GSIS president and general manager Wick Veloso said the agency opened its emergency loan window specifically for members and pensioners in areas under a state of calamity in Eastern Visayas following the surge of dengue cases in the region.

According to the Department of Health, the region recorded an increase of over 300 percent in dengue cases, to 11,624 as of the first week of September.

With 23 deaths already posted, a state of calamity has been declared in four cities and five towns.

Nearly 35,000 affected members as well as old-age and disability pensioners are expected to benefit from the GSIS loan window.

Veloso said the emergency loan program intends to provide immediate financial assistance to members who may be faced with unexpected medical expenses and loss of income due to illness, among others.

GSIS members who have an existing emergency loan balance may borrow up to P40,000 to pay off their previous balance and still receive a maximum net amount of P20,000.
Those without existing emergency obligations, as well as pensioners may apply for a P20,000 loan.

To qualify for the emergency loan program, active members must be residing or working in the calamity areas. They must also be in active service, not on leave of absence without pay, and have at least three months of paid premiums within the last six months.

Also eligible are those with no pending administrative or criminal cases, no due and demandable loan, and who have a net take-home pay of not lower than P5,000 after all required monthly obligations have been deducted.

Old-age and disability pensioners are also qualified to apply if their resulting net monthly take-home pension after loan availment is at least 25 percent of their basic monthly pension.

The loan is payable in three years or 36 equal monthly installments at an interest rate of six percent per annum.

It also has a loan redemption insurance, which deems the loan fully paid in case of the borrower’s demise, provided the loan payment is up to date.