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GSIS allots P2.8 billion for calamity-hit members, pensioners

Business

GSIS allots P2.8 billion for calamity-hit members, pensioners

By Manila Bulletin

State-owned Government Service Insurance System (GSIS) has allocated a near P3 billion in emergency loans to aid its members and pensioners in regions affected by recent calamities.

In a statement, the pension fund for government workers said over P2.8 billion has been earmarked for approximately 87,000 individuals in nine areas in Luzon and Visayas.

These regions have been declared under a state of calamity due to adverse weather conditions and mosquito-borne diseases.

GSIS said both active members and pensioners can apply for the loan, with varying deadlines depending on the specific location.

To qualify for the emergency loan, active members must meet certain criteria, including not being on unpaid leave, having no pending legal cases, and making regular premium payments.

Additionally, their net take-home pay must be at least P5,000. Meanwhile, old-age and disability pensioners must have a net monthly pension of at least 25 percent.

The loan amount varies based on whether the member has an existing emergency loan balance.

Those with outstanding loans can borrow up to P40,000, while those without existing loans can apply for P20,000.

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

To facilitate the application process, GSIS encouraged qualified members and pensioners to apply through the GSIS Touch mobile app.

Related Tags

Government Service Insurance System GSIS Calamity loan

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