The Government Service Insurance System (GSIS) is now granting an emergency loan to members and pensioners in six regions in the country affected by Typhoon "Odette."
"I know our members and retirers need financial assistance, so we immediately opened an emergency loan to help them," GSIS President and General Manager Rolando Ledesma Macasaet said in Filipino.
Qualified to apply for the loan are members residing or working, as well as old-age and disability pensioners residing, in Mindoro, Marinduque, Romblon, and Palawan (MIMAROPA), Western Visayas, Central Visayas, Eastern Visayas, Northern Mindanao, and Caraga.
Qualified loan borrowers with an 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, while those without an existing emergency loan may apply for P20,000.
The loan is payable in 36 equal monthly installments at a six percent interest rate computed in advance and covered by a loan redemption insurance, which deems the loan fully paid in case of borrower's demise, provided that loan payment is up to date.
GSIS said qualified to apply are members who are inactive service and not on leave of absence without pay; have no pending administrative or criminal case; and have a take-home pay of not lower than P5,000 after all required monthly obligations have been deducted.
Those who have due and demandable loan accounts are now allowed to renew their previous emergency loan from a different calamity. Members with at least three months of paid premiums within the last six months prior to the application date may already apply.
Meanwhile, old-age and disability pensioners may apply for the loan if their resulting net monthly pension after loan availment is at least 25 percent of their basic monthly pension.
Active members may apply their loan applications through the GSIS Wireless Automated Processing System (GWAPS) kiosks located in all GSIS offices, Department of Education offices, provincial capitols, city halls, municipal offices, Robinson Malls, and selected SM Supermalls.