P511 million GSIS emergency loans for two flooded Davao areas | Inquirer Business

P511 million GSIS emergency loans for two flooded Davao areas

By: - Reporter / @bendeveraINQ
/ 06:55 PM May 02, 2022
P511 million GSIS emergency loans for two flooded Davao areas

The GSIS Complex in Pasay City. (Photo from the GSIS Facebook account)

MANILA, Philippines — The Government Service Insurance System’s (GSIS) ongoing loan program for flooded members and pensioners in two Davao areas would disburse a total of over P511 million in assistance.

In a statement on Monday, the state-run pension fund for government workers and retirees said more than 25,000 of its active members and pensioners in the province of Davao del Norte as well as Montevista town in Davao de Oro province stood to benefit from the “ginhawa for all” emergency loan up for grabs until Saturday, May 7.

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Applications for this loan program began last April 8, following heavy rains which inflicted damage on crops, houses, infrastructure, properties, and other critical local government facilities in the two said areas.

GSIS president and general manager Rolando Macasaet said members and pensioners with outstanding emergency loans may avail of P40,000, while new loan applicants could borrow P20,000.

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“Old-age and disability pensioners residing in the two areas may also avail of the loan as long as their resulting net monthly pension after the loan availment is at least 25 percent of their basic monthly pension,” the GSIS said.

“To qualify, active members must be residing or working in the calamity areas, not be on leave of absence without pay, have no pending administrative case or criminal charge, have at least three monthly premium payments within the last six months prior to application; and have a net take-home pay not lower than the amount required under the General Appropriations Act after all monthly obligations have been deducted,” the GSIS added.

The GSIS said that “members who have emergency loans that have been unpaid for six months or less (in arrears) or more than six months (already due and demandable) may apply for emergency loan renewal.”

“The emergency loan is payable in 36 equal monthly installments with a 6-percent interest rate. It also has a loan redemption insurance which deems the loan fully paid, in case of the borrower’s demise, provided the loan payment is up to date,” according to the GSIS.

RELATED STORY

GSIS offers emergency loans in rain-battered Davao areas

GSIS sets aside P63.5 million to extend loan restructuring program until June 2022

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TAGS: Disaster, GSIS, loan, pension
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