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Manila Bulletin devider Business devider GSIS commits P2.5 billion to aid members in Cavite, Mindoro

GSIS commits P2.5 billion to aid members in Cavite, Mindoro

Published Apr 19, 2024 09:12 am  |  Updated Apr 19, 2024 09:12 am

The Government Service Insurance System (GSIS) has allocated nearly P2.5 billion for emergency loans to support members and pensioners in Cavite and Occidental Mindoro.

In a statement, the state-run pension fund said the emergency loan provision aims to assist members impacted by the pertussis outbreak in Cavite and the El Niño phenomenon in Occidental Mindoro.

The deadline for submitting emergency loan applications in Oriental Mindoro and Cavite is May 7 and June 7, respectively.

To be eligible for the loan, active members must be residents or employed in the affected disaster areas.

They must not be on leave of absence without pay, have no pending legal cases, and have paid at least six monthly premium contributions prior to application. 

They must also have a net take-home pay not lower than P5,000 as required under the General Appropriations Act.

Old-age and disability pensioners residing in the calamity areas may also avail of the loan provided their net monthly pension after availing the loan is at least 25%.

Members with existing emergency loan balance may borrow up to P40,000 to clear the balance of their previous emergency loan and still receive a maximum net amount of P20,000. 

Meanwhile, pensioners and those without existing emergency loan may apply for a P20,000 loan.

The loan has low interest rate of six percent and payment period of three years. It also includes a redemption insurance coverage, which will pay off the loan balance in case of the borrower’s death during the loan term, provided the payments are updated.

Members and pensioners may apply for the loan using the GSIS Touch mobile application.  This is available for download from the Google Play Store and Apple App Store.

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