The Government Service Insurance System (GSIS) has allocated P18.5 billion for emergency loans to aid members and pensioners impacted by typhoon Carina and the southwest monsoon.
In a statement Thursday, July 25, the state pension fund for government workers said that approximately 864,089 GSIS members and pensioners are eligible to apply for loan assistance.
Application window open from July 26 to Oct. 28, 2024.
The loan facility provided by GSIS will cover regions declared under state of calamity, namely Batangas, Rizal, and the National Capital Region (NCR).
READ: SSS readies calamity loan to typhoon-affected members
GSIS said the primary objective of the emergency loan program is to offer immediate financial assistance to its members and pensioners who have been affected by natural calamities.
Members and pensioners with outstanding balances on their emergency loans can borrow up to P40,000, which would enable them to settle their previous loans and receive a maximum net amount of P20,000.
Those who do not have any existing loans can apply for a maximum amount of P20,000. The loan carries an interest rate of six percent per annum and has a repayment period of three years.
In order to qualify for the emergency loan, active members should not be on unpaid leave, should not have any ongoing administrative or legal cases, and should have made at least six monthly premium payments prior to applying.
Their net take-home pay should be at least P5,000 as stipulated by the General Appropriations Act.
For old-age and disability pensioners to be eligible for the loan, they must have a net monthly pension equivalent to at least 25 percent of their gross pension after deducting the loan amortization.
Eligible members have the option to apply for the loan through the GSIS Touch mobile app.
They can also submit their application through the GSIS Wireless Automated Processing System (GWAPS) kiosks found in all GSIS branches, major government offices including the Department of Education, provincial capitols, city halls, municipal offices, and selected Robinson’s and SM malls.