The Government Service Insurance System (GSIS) announced an emergency loan window to assist its members and pensioners affected by the recent eruption of Mayon Volcano in Albay.

In a statement, GSIS President and General Manager Wick Veloso announced the availability of an emergency loan facility amounting to P1 billion to support the financial needs of its 39,000 members and pensioners in Albay.

The GSIS is accepting loan applications until July 18, 2023, providing ample time for affected members and pensioners to apply.

“After Sanggunian Panlalawigan of Albay declared the entire province as a calamity area, we immediately opened the loan and set aside a P1 billion budget to assist 39,0000 GSIS members and pensioners in Albay who need our assistance,” Veloso said.

According to Veloso, members who have existing emergency loan balances may borrow up to P40,000 to pay off their previous emergency loan balance and still receive a maximum net amount of P20,000.

Members and pensioners without existing emergency loans may apply for a P20,000 loan.

The loan has a low-interest rate of six percent and a three-year payment term. With a redemption insurance feature, the balance will be deemed fully paid in the event of the borrower’s death, as long as payments are updated.

Eligible to apply for the loan are active members residing or working in the calamity area, not on leave without pay, have no pending administrative or criminal case, and have a net take-home pay of at least P5,000 after all mandatory monthly obligations have been deducted.

Old-age and disability pensioners residing in the province may also avail of the loan if their resulting net monthly pension after loan availment is at least 25 percent of their basic monthly pension.

GSIS members and pensioners are advised to apply for the loan through their mobile phones by using the GSIS Touch mobile application.  GSIS Touch may be downloaded from the Google Play Store and Apple App Store.

Members may also apply for the loan through the GSIS Wireless Automated Processing System  (GWAPS) kiosks which are located in all GSIS offices, Robinson's malls,  SM Supermalls, and other government offices.