GSIS members in flood, quake-hit areas in Mindanao may apply for emergency loan
MANILA, Philippines – Almost 19,800 members of Government Service Insurance System (GSIS) in areas affected by flooding and earthquakes that struck Mindanao last September can avail themselves of an emergency loan from the state pension fund.
On its website, GSIS has announced that its 19,797 active members who are living or working in Maguindanao province as well as four towns in Cotabato are qualified to apply for emergency loans until December 3.
Last September, Maguindanao and the municipalities of Mlang, Pikit and Tulunan in Cotabato province were placed under a state of calamity due to flooding, while the town of Makilala also in Cotabato was hit by a series of earthquakes during the same month.
According to GSIS, those who want to borrow must have no unpaid loans, no arrears in payment of the mandatory monthly contributions, and should not be on a leave of absence without pay.
“Because natural calamities may strike more than once, we have doubled the maximum loanable amount from P20,000 to P40,000 for our 9,447 members who may want to renew their emergency loan. This enables them to take home bigger loan proceeds,” GSIS president and general manager Robert G. Vergara said.
“Under the enhanced emergency loan program, GSIS also removed the 12-monthly amortization requirement for loan renewal,” he added. This year, GSIS allocated P15 billion under its emergency loan program.
As for the 10,350 qualified members who have no existing emergency loans, the maximum loanable amount is P20,000.
The emergency loan shall be slapped with 6-percent interest per annum, according to the GSIS. It is payable in 36 monthly installments, of which the first loan amortization will be deducted from the borrower’s salary three months after being granted the emergency loan.
Members who are interested to borrow could apply through GSIS Wireless Automated Processing System kiosks in GSIS offices, provincial capitols, city halls, some municipal offices, government agencies such as the Department of Education, as well as selected Robinsons malls.
The loan would be electronically credited to the borrower’s eCard, the GSIS said.
