State-run Government Service Insurance System (GSIS) announced it will grant emergency loan to assist members and pensioners in quake-stricken Northern Luzon.
Hours after a powerful earthquake struck on Wednesday, July 27, Wick Veloso, GSIS president and general manager said the pension fund has allocated P5.4 billion for the emergency loan program this year.
Veloso said GSIS members and pensioners who are residing or working in the areas affected by the 7.3-magnitude earthquake may tap this emergency loan window.
“We will ensure that our members and pensioners will receive financial assistance, through our emergency loan, to tide them over during the crisis,” Veloso said in a statement.
“We are also in touch with all public entities affected by the earthquake to check if there are damaged government properties that may claim insurance from GSIS,” she added.
President Marcos ordered the immediate mobilization of rescue and relief teams to affected areas.
GSIS members who have 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.
Those without existing emergency loan may apply for Php20,000. Pensioners may likewise apply for a Php20,000 loan.
Active members residing or working, as well as old-age and disability pensioners residing in affected areas in Northern Luzon may apply for the loan after these have been declared under a state of calamity.
The GSIS emergency loan is payable in 36 equal monthly instalments at six percent interest rate computed in advance. It is also covered by a loan redemption insurance, which deems the loan fully paid in case of the borrower’s demise, provided that loan payment is up to date.
Qualified to apply are members who are in active service and not on leave of absence without pay; have at least three months of paid premiums within the last six months; 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.