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Manila Bulletin devider Philippines devider National devider GSIS offers emergency loans to typhoon-hit members

GSIS offers emergency loans to typhoon-hit members

Published Oct 25, 2024 02:30 am

State-owned Government Service Insurance System (GSIS) said it is closely monitoring typhoon-hit regions and will immediately offer loans to eligible members and pensioners once an area is declared under state of calamity.

“GSIS is monitoring other areas in the Bicol Region, CALABARZON, MIMAROPA, Central Visayas, Negros Island Region, Eastern Visayas, and Mindanao for state-of-calamity declarations,” GSIS said in a statement.

“Once an area is declared under a state of calamity, GSIS will immediately make the loan available to qualified members and pensioners,” it also said.

According to GSIS, members can borrow up to P20,000 if they do not have an existing emergency loan, while those with outstanding balances can apply for up to P40,000.

The loan has a six percent yearly interest rate and can be paid back over three years.

As stated by GSIS, eligible members for the emergency loan must be actively working, not on unpaid leave, free of any pending administrative or legal issues, have at least six months of paid premiums, and maintain a net take-home pay of at least P5,000.

Also, eligible pensioners must retain at least 25 percent of their pension as net income after loan payments.

Wick Veloso, GSIS president and general manager, encourages members and pensioners to use the GSIS Touch app for a safer and faster loan application process.

Veloso stated that the GSIS Touch app provides a secure, smooth, and efficient way to apply for loans, monitor premium payments, manage loan and insurance payments, access membership and pension records, and handle account management directly from their mobile phones.

Members and pensioners can get assistance anytime with the app by calling the GSIS contact center at the provided numbers for their respective networks.

They find more information about the emergency loan program and other GSIS products by visiting the GSIS website, following their Facebook page, or emailing [email protected].

Related Tags

Government Service Insurance System Wick Veloso GSIS emergency loan
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