The Government Service Insurance System (GSIS), on Monday, May 2, said that it has allotted over P511M in order to help more than 25,000 pensioners in the province of Davao del Norte and the municipality of Montevista in Davao de Oro.
The loan window, according to GSIS, is until May 7, 2022.
The emergency loan aims to help affected members and pensioners in the said Davao areas which are under a state of calamity due to massive flooding brought by inclement weather.
“May mga kababayan tayo na madalas na makaranas ng kalamidad. Kaya para sa ating members at pensioners na may binabayaran pang emergency loan at nais muling mag-apply nito, makakahiram sila ng hanggang P40,000. Ibabawas ang natitira pa nilang balanse mula sa kanilang loan proceeds (We have pensioners who often experience disasters. So for our members who are still paying for an emergency loan and want to reapply, they can borrow up to P40,000),” said GSIS President and General Manager Rolando Ledesma Macasaet in a press statement.
Those without an emergency loan, on the other hand, may borrow P20,000.
The state pension fund added that the loan is payable in 36 equal monthly installments with a 6 percent interest rate.
In order to qualify, active members must be residing or working in the calamity areas. They must also have no pending administrative case or criminal charge, have at least three monthly “premium payments” within the last six months prior to the loan application, and have a net take home pay not lower than the amount required at the General Applications Act.