GSIS releases P14B to ‘Yolanda’ victims

MANILA, Philippines—Close to P14 billion in financial assistance has been released by the Government Service Insurance System (GSIS) since Super Typhoon Yolanda hit the country last November.

In a statement Thursday, the state pension fund said over 200,000 of its members and pensioners had benefited from various financial assistance packages launched since late last year.

“GSIS answered the President’s call for government financial institutions to extend whatever assistance they could to aid in the recovery efforts of the government,” President and General Manager Robert Vergara said.

Total disbursements have reached P13.9 billion from November 2013 to May 8, 2014, GSIS said.

The package includes the grant of an  increased credit limit for emergency loan from P20,000 to P40,000 for members with outstanding loan balance and a waiver of the payment of 12 monthly amortizations prior to renewal.

GSIS also offered an automatic six-month deferment of all loan payments without interest and penalties under the Loan Moratorium Program.  This covers all members and pensioners either living or working in the 126 areas worst hit by Yolanda.

To further aid in the recovery effort, GSIS also offered a one-time special loan program called the Home Emergency Loan Program or HELP, under which members based in the 138 areas, may borrow from P30,000 to P200,000 depending on their total length of service.