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Manila Bulletin devider Business devider Banking & Finance devider GSIS opens emergency loan to oil spill victims

GSIS opens emergency loan to oil spill victims

Published Mar 8, 2023 08:45 am
The Government Service Insurance System (GSIS) announced that members and pensioners who were affected by the oil spill in Oriental Mindoro can avail themselves of emergency loan. In a statement, Wick Veloso, GSIS president and general manager said the pension fund has earmarked P315 million in emergency loan to victims of the oil spill, which emanated from a motor tanker that capsized off the coast Naujan last Feb. 28. “The oil spill has affected more than half of Oriental Mindoro. With our emergency loan program, we hope to alleviate the plight of nearly 13,000 GSIS members who are working or residing in the affected areas and pensioners who reside there,” Veloso said. Veloso added that GSIS has allocated a total budget of P6.2 billion for its emergency loan program for the year. The municipalities of Bansud, Bongabong, Bulalacao, Gloria, Mansalay, Naujan, Pinamalayan, Pola, and Roxas in Oriental Mindoro have been declared under a state of calamity. Upon receipt of the required documents from the Provincial Government of Oriental Mindoro, GSIS will open the  emergency loan to affected 11,024 active members, and 1,896 old-age and disability pensioners. Veloso said GSIS is now closely monitoring the situation for developments. "Should the Oriental Mindoro oil spill further spread and affect other towns and provinces, we assure members and pensioners in said areas that GSIS is ready to open the emergency loan program once a state of calamity declaration has been done and required documents have been submitted to GSIS,” he added. Qualified to apply are members in active service and not on leave of absence without pay; have at least three months of paid premiums within the last six months prior to application; have no pending administrative or criminal case; have no due and demandable loan; 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% 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. Meanwhile, pensioners and those without existing emergency loan may apply for a P20,000 loan. The loan is payable in three years or 36 equal monthly installments at an interest rate of six percent per annum.
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