State insurers Social Security System (SSS) and Government Service Insurance System (GSIS) have offered over ₱10 billion in calamity loans to extend financial aid to members in disaster-hit areas.

This follows Department of Finance (DOF) Secretary Ralph G. Recto’s order to government financial institutions (GFIs) and state-run firms to provide immediate assistance to the victims of the recent earthquake in Cebu.

Recto said in an Oct. 2 statement that the DOF, alongside GFIs and government-owned and controlled corporations (GOCCs), is “ready to provide immediate assistance.”

“We assure the Filipino people that we have more than enough funds to support the victims, especially our farmers, workers, students, and every Filipino family affected by the tragedy,” he added.

Recto directed GFIs and GOCCs to immediately deploy ground support and expedite public services following natural disasters. This includes quickly activating calamity aid programs such as cash assistance, concessional loans, deferred payment options, and service subsidies.

He also ordered them to speed up the processing of insurance claims for damaged property, help borrowers in affected areas, and offer short-term loans for home repairs and livelihood recovery.

GOCCs are also directed to maintain essential financial services by keeping branches open, ATMs running, and other service channels accessible to the public.

“Our goal is to make sure that when calamity strikes, the GFIs and GOCCs respond without delay. They must also be the first responders to restore essential public services and work hand in hand with the government to help our people recover faster,” Recto said.

For its part, SSS committed to provide P10 billion to P15 billion under its Calamity Loan Program (CLP) for 2025 to disaster-stricken members.

GSIS will open its Emergency Loan Program (ELP) to qualified members and pensioners in Cebu.

They can borrow up to ₱40,000 if they have an existing emergency loan, or ₱20,000 if they do not. These loan packages are payable over 36 months at an annual interest rate of six percent, with payments commencing after three months.

GSIS President and General Manager Jose Arnulfo “Wick” Veloso said loan proceeds will be released electronically through borrowers’ ATM cards for quick and secure disbursement. Applications may be filed through the GSIS Touch mobile app, GWAPS kiosks, or GSIS e-service portals.

Beyond financial assistance, GSIS is working with local governments and its Cebu branches to ensure continuous service for members and pensioners seeking help with claims, benefits, and other programs.

Additionally, Pag-IBIG members in affected areas may also apply for calamity loans, while those with housing loans can file insurance claims. For minor home repairs, they may be eligible for short-term improvement loans.

Landbank will also provide quick access to salary loans for employees of government agencies and private firms with payroll accounts at the bank.

For its part, the DOF said the Bureau of the Treasury (BTr) is prepared to file a claim under the National Indemnity Insurance Program (NIIP) to fund the repair and rehabilitation of public schools damaged by the earthquake.

Meanwhile, the Insurance Commission (IC) has taken parallel action by issuing Circular Letter No. 2025-19.

The IC order directs all insurance companies to provide immediate payments for policyholder claims, extend deadlines for filing notices of claims and supporting documents, improve customer service, and fast-track the processing of insurance claims for property damage, allied perils, injuries, and tragic loss of life.