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MANILA, Philippines — The Government Service Insurance System (GSIS) on Wednesday said it will activate its emergency loan program for members and pensioners badly hit by tropical storm “Florita.”
The GSIS usually offers emergency loans in areas placed under a state of calamity.
“GSIS members who have an existing emergency loan balance 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. Pensioners may likewise apply for a P20,000 loan,” GSIS president and general manager Wick Veloso said in a statement.
Veloso, however, did not say when the GSIS will start accepting applications for emergency loan.
“Active members residing or working in affected areas as well as old-age and disability pensioners based in the same areas may apply for the loan after the areas have been declared under a state of calamity,” he said.
According to Veloso, qualified to apply are members who are in active service and not on leave of absence without pay; have at least three months of paid premiums within the last six months; 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.
“Aside from the emergency loan, our members may avail themselves of the multi-purpose loan plus, which has a loan ceiling of up to P5 million. Pensioners, on the other hand, may borrow up to six months’ worth of their pension under our enhanced pension loan program or up to P500,000,” the GSIS chief said.
The GSIS had set aside a total of P5.4 billion for emergency loan assistance for this year.