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Manila Bulletin devider Business devider GSIS opens emergency loan in 10 calamity-affected areas

GSIS opens emergency loan in 10 calamity-affected areas

Published Jun 1, 2023 05:45 am
The Government Service Insurance System (GSIS) has opened an emergency loan window in areas affected by the power crisis in Occidental Mindoro, and flash floods and landslides in Prosperidad, Agusan Del Sur. In a statement on Thursday, June 1, Wick Veloso, GSIS president and general manager, said the pension fund is offering emergency loans to all active members and old-age and disability pensioners residing or working in these Luzon and Mindanao areas. According to Veloso, GSIS is preparing over P437.5 million in emergency loans for 18,573 members and pensioners who were adversely affected by the recent power crisis and flooding. A total of 17,010 active members and 1,563 old-age and disability pensioners working or residing in the municipalities of San Jose, Magsaysay, Calintaan, Rizal, Sablayan, Santa Cruz, Mamburao, Paluan, and Abra de Ilog in Occidental Mindoro and the municipality of Prosperidad in Agusan Del Sur may apply for the emergency loan until June 21. To qualify, active members must not be 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 percent of their basic monthly pension. Furthermore, members with existing emergency loan balance may borrow up to P40,000 to pay off their previous emergency loan balance 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 emergency loan is payable in 36 equal monthly instalments with an interest rate of only six percent per annum. It also has a loan redemption insurance, which deems the loan fully paid in case of the borrower’s demise, provided the loan payment is up to date. For their ease and convenience, GSIS members and pensioners are encouraged to file their emergency loan using the GSIS Touch mobile application, which may be downloaded by Google Play Store and Apple App Store.
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