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Manila Bulletin devider Business devider GSIS opens emergency loan to quake victims

GSIS opens emergency loan to quake victims

Published Nov 20, 2023 11:01 am

At A Glance

  • The Government Service Insurance System (GSIS) has opened its emergency loan program for members and pensioners affected by an earthquake in Regions 11 and 12 in Mindanao.<br>A total of 171,341 members and 27,962 pensioners in the affected regions are eligible to apply for the emergency loan.<br>The loan is intended to provide financial support for food, medication, and home repairs.<br>The loan is available to members and pensioners in specific areas, including South Cotabato, Sultan Kudarat, Sarangani Province, General Santos City, Davao Del Sur, Davao City, and others.<br>A budget of P6 billion has been allocated for the emergency loan program this year.<br>Old-age and disability pensioners in the affected areas can also avail of the loan if their net monthly pension after availing of the loan is at least 25 percent of their basic monthly pension.

The Government Service Insurance System (GSIS) announced it has opened its emergency loan program for members and pensioners affected by the earthquake in two regions in Mindanao.

In a statement, Wick Veloso, GSIS president and general manager said a total of 171,341 members and 27,962 pensioners who live or work in Regions 11 and 12 are eligible to apply for the emergency loan.

"We immediately opened the GSIS emergency loan to those affected by the strong earthquake to promptly address their needs. The immediate provision of financial support is significant for their food, medication, or home repair requirements," Veloso said.

The loan will be available to members and pensioners in South Cotabato (including Koronadal City), Sultan Kudarat (including Tacurong City), Sarangani Province, and General Santos City (including Kidapawan City).

It is also open to members and pensioners in Davao Del Sur, Davao City, Digos City, Davao del Norte, Tagum City, Davao De Oro, Davao Occidental, and Davao Oriental (including Mati City).

“We have earmarked a total of P6 billion for our emergency loan budget this year. This is to ensure that we have an adequate amount of funds to assist those who need help after the earthquake,” Veloso said.

Old-age and disability pensioners residing in the calamity areas may also avail of the loan provided their net monthly pension after availing of the loan is at least 25 percent of their basic monthly pension.

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

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

The loan offers a low-interest rate of six percent and has a repayment period of three years.

It also includes redemption insurance coverage, which will pay off the loan balance in case of the borrower’s death during the loan term, for as long as the payments are updated.

To qualify for the GSIS Emergency Loan Program, active members must be residing or working in the calamity areas.

They should not be on unpaid leave, have no pending legal cases, have paid premiums within the last six months and their net take-home pay should not be lower than P5,000, the amount required under the General Appropriations Act after all monthly obligations are deducted.

Members and pensioners may apply for the loan using the GSIS Touch mobile application, which is available for download from the Google Play Store and Apple App Store.

They may also apply through the GSIS Wireless Automated Processing System (GWAPS) kiosks, found in all GSIS offices, selected Robinson’s and SM supermalls, and large government offices such as the Department of Education.

Related Tags

Government Service Insurance System
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