GOVERNMENT Service Insurance System (GSIS) has allocated P1.7 billion in emergency loans for members and pensioners affected by El Niño and rabies in 13 areas nationwide.
“Over 77,000 affected members and old-age and disability pensioners are expected to benefit from the program,” GSIS said in a statement on Tuesday.
GSIS members residing in Buenavista, Marinduque, where rising rabies cases have been reported, are qualified to apply for an emergency loan.
Residents of areas affected by El Niño, including 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, may also apply.
Members and pensioners with existing emergency loan balances may borrow up to P40,000 to clear their previous loan for a maximum net amount of P20,000.
Those without existing loans may apply for up to P20,000.
The emergency loan is priced at a 6% per annum interest rate with a repayment period of three years.
“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,” GSIS said.
Active members’ net take-home pay should not be less than P5,000, according to the General Appropriations Act.
“Meanwhile, old-age and disability pensioners must have a net monthly pension that is at least 25% of their gross pension,” GSIS added.
It set the deadline for submission of applications on June 7 for Luzon areas, May 31 for the Visayas, and June 1 for Mindanao.
“Borrowers may file applications through the GSIS Touch,” the state-run pension fund said.
GSIS’ net income rose by 21% year on year to P37 billion in the first quarter, driven by strong revenues. — AMCS
