The Government Service Insurance System (GSIS) on Thursday (April 16) opened online applications for its COVID-19 emergency loan program available nationwide.
In a statement, the GSIS said it set aside over P30 billion for the emergency loan program for members and pensioners, who are taking financial hits from the impact of COVID-19.
“This is the first time that the GSIS is offering emergency loan on a national scale,” said GSIS president and general manager Rolando L. Macasaet.
He said emergency loans had been made available in the past only in areas hit by calamities, usually a province or a region.
The last emergency loan program was after storm Yolanda struck parts of the Visayas, he said.
For COVID-19 emergency, Macasaet said the maximum loan amount is P20,000 payable in three years and with 6 percent interest per annum.
Macasaet said the loan comes with an insurance that deems the loan fully paid if the borrower dies.
To apply, borrowers must e-mail the following: filled up emergency loan application form downloadable from the GSIS’s website (https://www.gsis.gov.ph/downloadable-forms); picture or scanned copy of the borrower’s GSIS electronic card (eCard) or unified multi-Purpose identification (Umid) card, or two valid IDs; and borrower’s photo while holding the accomplished application form.
The e-mail addresses where the application forms and requirements must be sent are: gsiscares@gsis.gov.ph (for borrowers in Metro Manila); gsisnorthluzon@gsis.gov.ph (North Luzon); gsissouthluzon@gsis.gov.ph (South Luzon); gsisvisayas@gsis.gov.ph (Visayas); and gsismindanao@gsis.gov.ph (Mindanao).
Macasaet said applications from members and pensioners with Umid cards would also be accepted at GSIS wireless automated processing system kiosks in GSIS branches and extension offices.
Government agencies like the Department of Education are also accepting applications and selected Robinsons or SM malls.
Release of loans would be through borrowers’ eCard or Umid card, said Macasaet.
“All GSIS members of good standing are qualified,” Macasaet said.
Exceptions are those on leave without pay, with arrears in contributions for mandatory life insurance and those with unpaid loans of up to six months.
Macasaet said borrowers should have a minimum P5,000 left in their take home pay after deductions for loan payments.
Seniors and disabled pensioners should have at least 25 percent of their basic monthly pension intact after loan payment deductions.
“This is to ensure that there is still considerable amount left for the pensioners’ usual monthly expenses,” according to Macasaet.
In a separate advisory on its website, the GSIS said that the extension of the COVID-19 lockdowns imposed in Luzon and other parts of the country meant that all of its branches and extension offices will also continue to be closed to the public until April 30.
GSIS employees would continue to work from home.