MANILA – The Government Service Insurance System (GSIS) has allocated PHP18.5 billion in emergency loans to help 864,089 members and pensioners affected by Typhoon Carina and the southwest monsoon (habagat) in Batangas, Rizal, and the National Capital Region (NCR).
In a statement on Thursday, the GSIS said members and pensioners in these regions which have been declared as calamity areas may apply for the loan from July 26 to October 28, 2024.
The GSIS Emergency Loan program aims to provide immediate financial relief to its members and pensioners impacted by natural disasters.
The loan features an interest rate of 6 percent per annum and a repayment period of three years.
"Members and pensioners with existing emergency loan balances may borrow up to PHP40,000 to enable them to clear their previous loans and receive a maximum net amount of PHP20,000," said the GSIS.
Those without existing loans may apply for up to PHP20,000.
To qualify for the emergency loan, the GSIS said active members must not be on unpaid leave, have no pending administrative or legal cases, and have made at least six monthly premium payments before applying.
Their net take-home pay should not be less than PHP5,000 as stipulated by the General Appropriations Act.
"To be eligible for the loan, old-age and disability pensioners must have a net monthly pension that is at least 25% of their gross pension after deducting the amortization of the loan," GSIS said.
Eligible members may apply for the loan online through the GSIS Touch mobile app or may also file their application through the GSIS Wireless Automated Processing System kiosks in all GSIS branches, major government offices such as the Department of Education,
provincial capitols, city halls, municipal offices, and selected Robinson’s and SM malls. (PNA)
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