The Government Service Insurance System (GSIS) enhanced its pension loan program by increasing the maximum loanable amount to P500,000, regardless of the pensioner's age.

GSIS President and General Manager Rolando Ledesma Macasaet said the credit limit was raised from P100,000 to P500,000 under the Enhanced Pension Loan program.

“Previously, only old-age pensioners who are 64 years old and below may avail of the maximum amount equivalent to six times their monthly pension. Pero dahil gusto naming  mabigyan ng ginhawa ang  lahat ng old-age pensioners sa gitna ng pandemyang apektado ang lahat, pwede nang makahiram ang lahat ng old-age pensioner ng maximum amount kahit 65 years old o higit pa sila (But because we want to give comfort to all old-age pensioners in the middle of a pandemic, all old-age pensioners can now borrow a maximum amount even if they are 65 years old or older)," Macasaet said.

Old-age pensioners may now avail of the Enhanced Pension Loan. Qualified are old-age pensioners who are receiving their pension for at least a month. Not qualified to the program are those who have service loans being amortized under the Choice of Loan Amortization Schedule for Pensioners or GSIS Program for Restructuring and Repayment of Debts at the time of application; and those who have existing pension loans that have not yet been fully paid. The applicant must also have at least 25 percent resulting net monthly pension after loan deduction.

The Enhanced Pension Loan is payable in 24 equal monthly installments through automatic pension deduction. The interest of the loan is 10 percent.

For their safety, qualified pensioners are encouraged to apply online via the Electronic GSIS Member Online (eGSISMO) or by emailing the requirements  to their designated branch office.

Pensioners must submit a properly accomplished form and photo holding their electronic card (eCard) or unified multipurpose identification (UMID) card (or any two government-issued IDs with their photo and signature), and a newspaper bearing the same date of their application. If the newspaper is not available, they may have their photo taken beside a television where the latest date or news item is flashed on the screen).

The pensioners may also opt to apply over-the-counter at any GSIS branch office nationwide. A properly accomplished application form must be submitted and their pensioner’s eCard or UMID card must be presented (or any two government-issued IDs with their photo and signature).

Application via the GSIS Wireless Automated Processing System (GWAPS) kiosk is initially available in GWAPS kiosks  located at the GSIS Head Office in Pasay City. Availability in other GWAPS kiosks will be announced in the coming weeks. 

GSIS said the loan proceeds will be e-credited to the pensioners eCard or UMID card.