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Manila Bulletin devider Business devider Banking & Finance devider GSIS offers emergency loan for Oriental Mindoro

GSIS offers emergency loan for Oriental Mindoro

Published Apr 24, 2023 05:01 am


State-run Government Service Insurance System (GSIS) announced on Monday, April 24, that the pension fund opened its emergency loan in five more areas in Oriental Mindoro affected by the oil spill. In a statement, Wick Veloso, GSIS president and chief executive officer, said the pension fund allocated P193.9 million in emergency loan for 7,714 active members and old-age and disability pensioners in Calapan City. The emergency loan window is also open to members and pensioners in the municipalities of Baco, San Teodoro, Soccoro and Victoria, the Veloso said. “They may now apply for the loan until May 17,” Veloso said. Qualified to apply are members in active service and not on leave of absence without pay; have at least three months of paid premiums within the last six months prior to application; have no pending administrative or criminal case. They should also have no due and demandable loan; and have a net take-home pay of not lower than P5,000 after all required monthly obligations have been deducted. Old-age and disability pensioners are also qualified to apply if their resulting net monthly take-home pension after loan availment is at least 25 percent of their basic monthly pension. Members with existing emergency loan balance may borrow up to P40,000 to pay off their previous emergency loan balance 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 is payable in three years or 36 equal monthly installments at an interest rate of six percent per annum. GSIS first offered the loan window to 5,170 members and pensioners in nine Oriental Mindoro areas with the application deadline until April 9.
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