The state-run Government Service Insurance System (GSIS) has extended P4.14 billion worth of loans to about 60,000 members and pensioners who needed additional money during the COVID-19 lockdown.
In a statement on Monday, the GSIS said that from March 27 to April 30, P3.48 billion in loans were released to 25,198 government employees and retirees nationwide.
Last April 13, the GSIS also opened online applications for its COVID-19 emergency loan program to 2.1 million members and pensioners.
“I am very proud to say that in just 17 days, from April 13 to 30, the GSIS granted P664 million in emergency loans to some 33,000 borrowers nationwide,” GSIS president and general manager Rolando L. Macasaet said.
The GSIS board chaired by former chief justice Lucas P. Bersamin had “enhanced” this emergency loan, doubling the assistance to P40,000, instead of just P20,000, in consideration of members who had existing loans prior to the pandemic, such as those affected by the eruption of Taal Volcano in January, while also easing eligibility rules.
“Under the enhanced program, we now allow members who have in-default loan accounts (with arrears of more than six months) to renew their emergency loan. We have also reduced the paid premium requirement from six months to only three months,” Macasaet said.
“However, since this is the first time for the GSIS to offer the emergency loan on a national scale, there may be some delays due to systems maintenance activities. Considering that systems enhancements are still in progress, members and pensioners whose emergency loans were renewed and granted from April 13 to 30 may renew their loans starting May 11,” Macasaet added.
To apply, borrowers must e-mail the following: duly accomplished emergency loan application form downloadable from the GSIS’s website (https://www.gsis.gov.ph/downloadable-forms) and borrower’s photo while holding the GSIS electronic card (eCard) or unified multipurpose identification (Umid) card, or two valid IDs.
“Members may also apply for emergency loans through the GSIS wireless automated processing system kiosks located in all GSIS branches, Department of Education offices, provincial capitols, city or municipal halls and selected SM and Robinsons malls nationwide. Pensioners may only apply via e-mail. Once the loan is approved, the proceeds will be directly credited to the Umid card or temporary eCard account of the borrower,” the GSIS said. INQ