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GSIS earmarks P158 million to aid typhoon-affected members

Business

GSIS earmarks P158 million to aid typhoon-affected members

By Manila Bulletin

The Government Service Insurance System (GSIS) has earmarked nearly P158 million in emergency loans to support members and pensioners affected by recent typhoons.

The pension fund for government workers said in a statement that this initiative aims to assist 5,777 active members and pensioners in four calamity-stricken areas.

Typhoons Butchoy and Carina have severely impacted the towns of Pikit and Kabacan in Cotabato, Mindanao, while heavy rainfall has led to flooding in Kabasalan, Zamboanga Sibugay.

Additionally, Famy, Laguna, was placed under a state of calamity following the devastation caused by Severe Tropical Storm Enteng.

GSIS said members and pensioners in these affected regions may borrow up to P40,000 to pay off existing emergency loan balances, with a maximum net amount of P20,000 available.

Those who have not previously taken out emergency loans can apply for P20,000.

The loans feature a competitive interest rate of six percent per annum, with a repayment period of three years.

To qualify for the emergency loan, active members must have no outstanding leave, pending administrative or legal issues, or overdue loans, and must have made at least six monthly premium payments.

Additionally, their net take-home pay must be at least P5,000, in accordance with the General Appropriations Act.

Old-age and disability pensioners must maintain a net monthly pension of at least 25 percent after loan amortization to be eligible.

The application deadline for those in Mindanao is Oct. 15, 2024, while Famy, Laguna residents have until Dec. 15, 2024, to apply.

Eligible members can submit their applications online via the GSIS Touch mobile app.

Related Tags

Government Service Insurance System GSIS Calamity loan

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