GSIS readies emergency loans for Albay

MANILA  -Members and pensioners of the Government Service Insurance System (GSIS) in Albay may tap the fund’s emergency loan facility in case the volcano erupted and they are displaced.

“We have our emergency loan window on standby in case the situation worsens for our members and pensioners,” GSIS president and general manager Arnulfo Veloso said in a statement.

“They might be forced to leave their homes and would need financial aid to see them through,” he said.

Veloso said this after the Philippine Institute of Volcanology and Seismology announced the possibility of raising the alert for Mayon Volcano to Level 4.

This means hot gas, debris, and rocks are being spewed by the crater, which warns of a catastrophic eruption any time soon.

Under the loan, 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 are also eligible to apply for a loan of P20,000.

Qualified borrowers are those who are active GSIS members and residing or working in the calamity area, not on unpaid leave, with a minimum of three months’ paid premiums within the last six months; and have no due and demandable loan.

Also, borrowers should have no pending administrative or criminal case and maintain a net take-home pay of at least P5,000 after all mandatory monthly deductions.

Old-age and disability pensioners in the calamity areas may also avail of loans. INQ