In consideration of the more than 108,000 active members and pensioners affected by recent calamities, the Government Service Insurance System (GSIS) is reminding the victims that it has a Php 2.64-billion emergency loan program available for them to help in recovering from the disasters that has disrupted their livelihoods.
Over the weekend, GSIS president and general manager Jose Arnulfo ‘Wick’ Veloso issued the reminder as he announced that the program includes qualified active members, as well as old-age and disability pensioners, who reside or work in areas that have been officially declared under a state of calamity.
Veloso disclosed that the state pension fund has already opened emergency loan windows in several provinces affected by flooding, torrential rains, typhoons and El Niño-related dry conditions.
In Sorsogon, GSIS has allocated nearly Php 319 million in emergency loans for 12,909 members and pensioners affected by recent calamities. Applications in the province will be accepted until May 15.
For Cagayan, where communities continue to grapple with the effects of El Niño, around 31,566 members and pensioners may apply for assistance until May 31. GSIS earmarked almost Php 733 million the province.
Members and pensioners in Davao de Norte and Surigao del Sur may likewise access emergency loans reaching Php 696.6 million following severe flooding and landslide caused by torrential rains and Typhoon Basyang displaced residents and damaged infrastructure. Applications in the affected areas are open until June 3.
GM Veloso cited that under the emergency loan program, qualified borrowers may receive up to Php 20,000 if they do not have an existing emergency loan balance.
“Members and pensioners with outstanding emergency loan balances may borrow up to Php 40,000 to pay off prior obligations and receive a net amount of as much as Php 20,000,” he clarified.
“The loans are payable over 36 monthly installments with a 6 percent annual interest rate. Borrowers are also granted a two-month grace period before the first deduction. The package includes loan redemption insurance,” he added.
According to GSIS emergency loan guidelines, in order to qualify, active members must be working or residing in calamity-declared areas, should not be on leave without pay and must have no pending administrative or criminal case. They are also required to maintain a net take-home pay of at least Php 5,000 after all mandatory deductions and loan amortization. Old-age and disability pensioners may also apply, provided they retain at least 25 percent of their monthly pension after loan deductions.
Veloso encouraged members and pensioners to submit applications through the GSIS Touch mobile application to speed up processing and reduce the need for in-person transactions.
He explained that approved loan proceeds will be credited directly to the borrower’s designated ATM account.
In ending, he advised members to monitor official advisories and announcements of the GSIS through their website and verified social media accounts for updates on application schedules and eligibility requirements.