PHL state insurers offer up to P40,000 loan for disaster-hit areas – BusinessWorld Online
PHILIPPINE state insurers Social Security System (SSS) and Government Service Insurance System (GSIS) will offer calamity loans to quake-hit areas, the Department of Finance (DoF) said.
In a statement on Thursday, the GSIS will allow members and pensioners residing or working in Cebu to borrow up to P40,000 if they have existing emergency loan and P20,000 for those without outstanding balance.
The loan is payable in 36 months at a low interest rate of 6% per annum, with the first monthly amortization due after three months.
GSIS General Manager Jose Arnulfo “Wick” A. Veloso said the loan proceeds will be credited electronically through the borrowers’ ATM cards.
Members may conveniently apply via the GSIS Touch mobile app, GSIS Wireless Automated Processing System (GWAPS) kiosks, or through the GSIS e-service portals.
In a separate statement on Oct. 1, the Department of Finance said the SSS will offer P10 billion to P15 billion under its Calamity Loan Program for 2025.
This came as Finance Secretary Ralph G. Recto ordered government state-run firms and institutions to expedite the support and faster roll-out of services to the public in the aftermath of natural calamities.
Mr. Recto, who serves as the ex officio Chair of the Social Security Commission earlier approved a lower annual interest rate of only 7% with a seven-day activation period under the program to provide financial relief to affected Filipinos in calamity-declared areas. — Aubrey Rose A. Inosante
