GSIS reopens emergency loan program
Members and pensioners of the state-run Government Service Insurance System (GSIS) have another chance to avail themselves of the COVID-19 emergency loan program, which has been extended until Dec. 27 amid a prolonged pandemic.
In a statement Monday, the GSIS said it reopened applications for the emergency loan on Sept. 28. It first offered this loan from April to August.
“The GSIS moved to reopen the loan window after President Duterte signed Proclamation No. 1021 extending the state of calamity in the country due to the pandemic,” the pension fund explained.
GSIS president and general manager Rolando L. Macasaet said that out of the 1.3 million members and pensioners who were qualified to borrow, 700,000 have yet to avail themselves of the loan.
“Hopefully, the three-month application period will give them ample time to prepare the requirements and submit them to us,” Macasaet said.
Members and pensioners can apply for an emergency loan online.
The GSIS earlier set aside P43.01 billion for the COVID-19 emergency loan facility, of which P18 billion had been disbursed to about 600,000 members and pensioners at the height of the lockdown.
“Under the COVID-19 emergency loan program, qualified borrowers with existing emergency loans may borrow up to P40,000 to pay off their previous emergency loan balance and still receive a maximum net amount of P20,000. Those without an existing emergency loan may apply for P20,000. However, those who have already availed [themselves] of the COVID-19 emergency loan are no longer qualified to apply,” the GSIS said.
Qualified to apply are members who are in active service and not on leave of absence without pay, have no pending administrative or criminal case and have a net take-home pay of not lower than P5,000 after all required monthly obligations have been deducted. Those that have due and demandable (have arrears of over six months) loan accounts are now allowed to renew their previous emergency loan from a different calamity, excluding under the COVID-19 emergency loan program. Members with only three months of paid premiums prior to application date instead of six months may also apply. All emergency loan applications will still be subject to the approval of the respective agency authorized officers of the members’ employer.
Also, old-age and disability pensioners are qualified to apply if their resulting net monthly take-home pension after loan availment is at least 25 percent of their basic monthly pension, according to the GSIS.
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