The Government Service Insurance System (GSIS) has announced its readiness to provide emergency loans to its members and pensioners in Mindanao who have been affected by heavy rainfall, leading to flash floods and landslides.

In a statement, Wick Veloso, GSIS president and general manager, said eligible members residing in Davao Del Norte, Davao de Oro, Davao Oriental, and Davao City, who do not currently have an outstanding emergency loan, can borrow up to P20,000.

The GSIS Emergency Loan program also allows members with an existing emergency loan balance to borrow up to P40,000, which can be used to settle their outstanding emergency loan balance, resulting in a maximum net amount of P20,000. 

Pensioners are also eligible to apply for a loan of P20,000.

Active members residing or working in areas declared as calamity areas are eligible to apply for the emergency loan, provided they are not on leave of absence without pay, have paid their premiums within the last six months prior to application.

They should also have no pending administrative or criminal cases, and have a resulting net take-home pay of at least P5,000 after all required monthly obligations have been deducted.

Old-age and disability pensioners residing in calamity areas may also avail of the loan, as long as their resulting net monthly pension after loan availment is at least 25 percent of their basic monthly pension and they have no outstanding loan being deducted from their monthly pension except pension loan.

The loan features a low interest rate of six percent and a three-year payment term. Additionally, it includes a redemption insurance feature, which deems the balance fully paid in the event of the borrower's death, as long as payments are kept up to date.