MANILA, Philippines – State-run pension fund Government Service Insurance System (GSIS) has announced it shall extend emergency loans to members who had been affected by typhoon “Ruby” in seven Luzon provinces as well as the flooding in Magpet, Cotabato.
In a statement, GSIS said 28,028 old-age pensioners as well as 113,435 members living or working in Albay, Batangas, Camarines Sur, Catanduanes, Marinduque, Masbate and Romblon — the areas badly hit by “Ruby” last December — could apply for the pensioner and enhanced emergency loan, respectively.
A girl walks along the shore as strong waves from Typhoon “Ruby” hit Atimonan, Quezon province, eastern Philippines on Dec. 6, 2014. AP PHOTO/Aaron Favila
For active members in Magpet, the enhanced emergency loan is also being offered by GSIS. The Cotabato municipality was placed under a state of calamity in November 2014 after it was battered by heavy rains, which caused floods and landslides.
Qualified to avail of loans are members who have no unpaid loans, no arrears in paying the mandatory monthly premium contributions, and are not on a leave of absence without pay.
According to GSIS, pensioners and first-time borrowers can borrow P20,000, while members who have existing loans could avail of up to P40,000.
Also, the required payment of 12 monthly amortizations before loan renewal has been waived, GSIS said.
Applications of members in “Ruby”-hit provinces will be accepted until Jan. 19, while the deadline for those in Magpet is on Jan. 18.
The emergency loan shall be slapped with a 6-percent interest per annum. It is payable in 36 monthly installments, of which the initial loan amortization will be deducted from borrowers’ salaries three months after being granted the loan.
Pensioners’ emergency loan, meanwhile, shall be covered by a loan redemption insurance, under which the pensioners’ family will not pay the remaining balance when the pensioner dies.
Interested members and pensioners are enjoined to apply through Wireless Automated Processing System kiosks in GSIS offices, provincial capitols, city and municipal halls, government agencies such as the Department of Education, as well as selected Robinsons malls. The loan proceeds will be electronically credited to the borrower’s eCard or Unified Multi-Purpose ID.