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Manila Bulletin devider Business devider GSIS opens emergency loan to quake-hit Abra

GSIS opens emergency loan to quake-hit Abra

Published Aug 4, 2022 05:21 pm

State-run Government Service Insurance System (GSIS) is encouraging its members and pensioners affected by the recent earthquake in Abra to avail of the pension fund’s emergency loan.

Jose Arnulfo “Wick” Veloso, GSIS president and general manager, said their emergency loan program is now open to nearly 7,000 members and pensioners in Abra, the epicenter of the seven magnitude earthquake that struct last July 27.

The day after the earthquake hit, GSIS already announced that it is prepared to open the emergency loan facility to extend financial assistance to its members and pensioners in Northern Luzon.

However, under the guidelines, GSIS had to wait for the declaration of the affected localities as calamity areas before it could open the loan window.

“The other provinces in North Luzon have yet to be declared as calamity areas but GSIS is ready to open the emergency loan program once the declaration has been done, “ Veloso said in a statement on Thursday, Aug. 4.

Affected active GSIS members working or residing as well as old-age and disability pensioners residing in the area may apply for the loan until Sept. 4.

Likewise, members and pensioners with existing emergency loan and would like to apply for the loan anew may borrow up to P40,000.

The remaining balance will be deducted from their loan proceeds. While those without emergency loan, may apply for a P20,000 loan. Pensioners may similarly borrow P20,000.

The proceeds will be directly credited to the borrower’s UMID card or temporary eCard Plus account.

Moreover, GSIS deployed six portable GSIS Wireless Automated Processing System (GWAPS) kiosks to far-flung areas in the province to enable prospective loan applicants to save time and money in applying for the loan.

Meanwhile, Veloso assured that government assets affected by the earthquake will be compensated by GSIS.

GSIS is mandated to insure government assets, properties, as well as interests from natural calamities under Republic Act (RA) No. 656 or the Property Insurance Act.

To date, GSIS is inspecting and assessing the same on seven out of 29 government buildings that were damaged by the quake, Veloso said.

Related Tags

Jose Arnulfo Veloso Government Service Insurance System Wick Veloso abra Emergency loan GSIS President and General manager Earthquake
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