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GSIS offers emergency loans to ASF-hit members in Oriental Mindoro

Business

GSIS offers emergency loans to ASF-hit members in Oriental Mindoro

By Gabriell Christel Galang

Government Service Insurance System (GSIS) members and pensioners affected by the recent African Swine Fever (AFS) in Oriental Mindoro can now avail of an emergency loan.

In a statement on Friday, March 8, GSIS said that the pension fund opened its emergency loan window valued at P428 million, ready to provide aid to members affected by AFS in the province.

According to the state pension fund, members without previous or outstanding emergency loans may borrow up to P20,000, while those with current emergency loans can seek P40,000 to settle other credits.

The loan will have a six percent interest rate and can be paid within a three-year term.

The emergency loan program is available to residents or employees within the outbreak of ASF or in calamity-stricken areas.

Applicants are also advised not to be on leave of absence without pay, no existing or pending administrative or criminal case, and must at least have a net take-home pay of P5,000 after reducing their monthly obligations to the GSIS.

Aside from this, qualified members of the loan are required to not have any outstanding loan deducted from their monthly pension except the pension loans, as the GSIS stated that eligible members can borrow if their net monthly pension after availing should be 25 percent of their basic monthly pension.

The government insurance system also encourages interested members to inquire via the GSIS Touch mobile app or file their application through the GSIS Wireless Automated Processing System (GWAPs) kiosk in office branches, or other major government offices like the Department of Education (DepEd), provincial capitols, city or municipal halls, and selected mall outlets.

Applications close on Wednesday, March 20.

Related Tags

loan program Government Service Insurance System Oriental Mindoro African Swine Fever (ASF) Emergency loan GSIS

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