The Government Service Insurance System (GSIS) has allocated over P514 million for emergency loans to aid members affected by recent typhoons in Luzon.
With over half a billion allocation, the program is seen to benefit 23,469 active members and old-age/disability pensioners residing or working in Luzon.
In particular, the loans are primarily available to members and pensioners living in the provinces of Quirino, Apayao, and Aurora, as well as in Santiago City and Cabagan town in Isabela.
To recall, these areas were declared a state of calamity due to the impact of typhoons Nika, Marce, Ofel, and Pepito.
According to GSIS, the deadline for application in the provinces of Quirino, Apayao, and Santiago City in Isabela is on Dec. 20. For Aurora province and Cabagan town in Isabela, the deadline is Dec. 24.
Eligible members without an existing emergency loan can borrow up to P20,000, while those with an outstanding loan can apply for up to P40,000, as long as the net proceeds do not exceed P20,000.
The loan carries a six percent interest rate, a three-year repayment term and includes redemption insurance that clears the loan balance if the borrower passes away during the term, as long as payments are current.
To qualify for the emergency loan, active members must be residing or working in calamity-declared areas, not be on unpaid leave, have at least six months of premium payments, no pending administrative or criminal cases, and a net take-home pay of at least P5,000 after deductions.
Pensioners residing in calamity-declared areas can also apply, provided their net basic monthly pension remains at least 25 percent after loan deductions.
Members and pensioners can apply for the loan through the GSIS Touch mobile app, which can be downloaded online.