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Manila Bulletin devider Business devider GSIS earmarks P1.7 billion for emergency loans in 13 areas hit by rabies, El Niño

GSIS earmarks P1.7 billion for emergency loans in 13 areas hit by rabies, El Niño

Published May 16, 2024 06:18 am

The Government Service Insurance System (GSIS) has earmarked P1.7 billion in emergency loans to aid its members and pensioners who have been affected by rabies and El Niño in 13 different areas across the country.

According to the pension fund for government workers, more than 77,000 affected members, as well as old-age and disability pensioners, are expected to benefit from this initiative.

Those with an existing emergency loan balance are eligible to borrow up to P40,000 to clear their previous loan and receive a maximum net amount of P20,000.

Meanwhile, those without an existing loan may apply for up to P20,000. The loan features a low-interest rate of six percent per annum with a repayment period of three years.

Qualified applicants include members residing or working in Buenavista, Marinduque, where there have been reports of rising rabies cases, as well as individuals in various locations affected by El Niño.

They include Catbalogan City in Western Samar, Cordova, Naga City, and Toledo City in Cebu, Iloilo City, Buenavista in Guimaras, Bayawan City and Sta. Catalina in Negros Oriental, Antique, Basilan, and Datu Piang and Sultan sa Barongis in Maguindanao Del Sur.

To be eligible for the emergency loan, active members must not be on unpaid leave, have no pending administrative or legal cases, and must have made at least six monthly premium payments prior to application.

Their net take-home pay should not be less than P5,000 as required by the General Appropriations Act.

On the other hand, old-age and disability pensioners must have a net monthly pension that is at least 25 percent of their gross pension.

Borrowers can submit their applications through the GSIS Touch. The deadline for the submission of applications is on June 7 for Luzon areas, May 31 for Visayas, and June 1 for Mindanao.

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Government Service Insurance System Wick Veloso GSIS President and General manager
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