State-run Government Service Insurance System (GSIS) announced the reopening of its COVID-19 Emergency Loan program to members and pensioners.
In a statement, Rolando Ledesma Macasaet, GSIS president and general manager, said the COVID-19 Emergency Loan program is accepting applications beginning today until December 27 this year.
Ledesma said GSIS reopened the loan window after President Rodrigo Duterte signed Proclamation No. 1021 extending the state of calamity in the country due to the pandemic.
To date, there are still 700,000 GSIS qualified members and pensioners who have yet to file their emergency loan application.
“Hopefully, the three-month application period will give them ample time to prepare the requirements and submit them to us,” Macasaet said.
“We are mobilizing our resources to help members and pensioners who need financial assistance. Of the P43.01 billion that we have set aside for this loan facility, we have already released P18 billion to nearly 600,000 of them,” he added.
Under the COVID-19 Emergency Loan program, qualified borrowers with existing emergency loan may borrow up to P40,000 to pay off their previous emergency loan balance and still receive a maximum net amount of P20,000.
Those without existing emergency loan may also apply for P20,000. However, those who have already availed of the COVID-19 emergency loan are no longer qualified to apply.
Qualified to apply are members who are in active service and not on leave of absence without pay; have no pending administrative or criminal case; and have a net take-home pay of not lower than P5,000 after all required monthly obligations have been deducted.
Those that have due and demandable (have arrears of over six months) loan accounts are now allowed to renew their previous emergency loan from a different calamity (excluding under the COVID-19 Emergency Loan Program).
Members with only three months of paid premiums prior to application date instead of six months may already apply.
All emergency loan applications will still be subject to the approval of the respective agency authorized officers of the members’ employer.
Meanwhile, old-age and disability pensioners are qualified to apply if their resulting net monthly take-home pension after loan availment is at least 25 percent of their basic monthly pension.
To ensure public health and safety, members and pensioners must file their applications through contactless methods.
They may submit their emergency loan application through the pension fund’s web-based facility, the Electronic GSIS Member Online (eGSISMO).
To register in eGSISMO, members should initially sign up for their eGSISMO account and keying in their GSIS business partner (BP) number.
BP numbers may be obtained from their office’s agency authorized officer or electronic remittance file handler; any GSIS office; or GSIS Contact Center (8-847-4747).
Emergency Loan application may also be filed by emailing the requirements to the designated email addresses of branch offices covering the agencies of active members and place of residence of pensioners.
Borrowers, except for pensioners, may also opt to file their loan application through the GSIS Wireless Automated Processing System (GWAPS) kiosks located in all GSIS branches, Department of Education offices, provincial capitols, city halls, Robinsons Malls and selected SM Supermalls.
Once the loan is approved, the proceeds will be directly credited to the borrower’s Unified Multi-Purpose ID (UMID) card or temporary eCard account.