GSIS members set to receive P1.2B in benefits

The Government Service Insurance System will disburse nearly P1.2 billion in life insurance benefits to its policyholders.

The amount was 28 percent higher than the P930 million disbursed last year, the GSIS said in a statement.

Those entitled to the cash benefits are GSIS members whose policies have been active for at least a year as of Dec. 31, 2012.

Members may receive their cash benefits from Dec. 17 and 21.

GSIS members not entitled to the cash benefits are those whose insurance policies already have matured, those who have defaulted on their loans, and those who have unpaid premiums for at least 12 months as of Dec. 31, 2012.

Also, the GSIS announced that it would implement a six-month moratorium on the collection of loan payments from members and pensioners affected by Supertyphoon “Yolanda.”

This means that concerned members will not be charged interest and penalties for non-payment within the covered period.

The moratorium, which is in compliance to a directive from Malacañang, started last month and will end in April 2014. Collection of loan payments will resume in May.

Apart from the loan-payment relief, emergency loans for GSIS members and pensioners affected by Yolanda also have been made available.

Active members may borrow as much as P40,000, while pensioners may borrow as much as P20,000.

As of Dec. 5, GSIS already approved P2.3 billion in emergency loans.

The supertyphoon’s death toll has reached almost 6,000. Because of the damage to private properties and public infrastructure, as well as disruption of business activities, the country’s economic growth could sharply slow down in the fourth quarter.

According to the National Economic and Development Authority, the country’s gross domestic product (GDP) could settle between 4.1 and 5.9 percent in the fourth quarter.

In the first three quarters of the year, GDP growth averaged at 7.4 percent—one of the fastest in Asia for the period.