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Manila Bulletin devider Business devider GSIS readies emergency loan for 'Paeng' victims

GSIS readies emergency loan for 'Paeng' victims

Published Oct 28, 2022 02:30 pm

State-run Government Service Insurance System (GSIS) said members and pensioners who will be affected by tropical storm “Paeng” may avail of emergency loan.

This was announced by Wick Veloso, GSIS president and general manager, heeding the appeal of President Marcos for government agencies to ensure that help is extended to those hit by calamities.

Based on Philippine Atmospheric, Geophysical and Astronomical Services Administration’s forecast, Paeng may “intensify into a typhoon by Saturday".

“As of 23 October this year, GSIS has already released a total of P4.5 billion that provided financial assistance to almost 145,000 GSIS active members and pensioners,” Veloso said.

He added that GSIS has allocated another P1.5 billion in emergency loans for members and pensioners in 15 North Luzon areas hit by recent calamities.

"We hope to alleviate the plight of over 69,000 GSIS members and pensioners working or residing in the calamity-declared areas in the North due to the 7.3 magnitude earthquake in July, Typhoon Karding in September, flashfloods, and dengue outbreak,” Veloso said.

The emergency loan is open to active members, and old-age and disability pensioners in Masantol, Pampanga, Occidental Mindoro, Vigan City and the municipalities of Bauko and Besao in Mountain Province.

The loan is also open to typhoon Karding-affected members and pensioners in Nueva Ecija and municipalities of Polillo, Patnanungan, Panukulan, Jomalig, Burdeos, and General Nakar in Quezon; La Paz in Tarlac; Macabebe in Pampanga, and Dingalan, Aurora.

Qualified to apply are members who are in active service and not on leave of absence without pay and have at least three months of paid premiums within the last six months.

They should also 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.

Old-age and disability pensioners are also qualified to apply if their resulting net monthly take-home pension after loan availment is at least 25 percent of their basic monthly pension.

Members with existing emergency loan balance may borrow up to P40, 000 to pay off their previous emergency loan balance and still receive a maximum net amount of P20, 000.

Pensioners and those without existing emergency loan may apply for a P20,000 loan.

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