State pension funds Government Service Insurance System (GSIS) and Social Security System (SSS) announced yesterday the availability of emergency or calamity loans to support its members affected by Typhoon Carina and the southwest monsoon. Pag-IBIG Fund also announced the immediate availability of its calamity loan to assist members affected by the typhoon.
GSIS said it has set aside P18.5 billion in emergency loans to assist 864,089 members and pensioners affected by the calamity in Batangas, Rizal and the National Capital Region (NCR).
These regions have been declared calamity areas. Members and pensioners may apply for the loan from July 26 to October 28.
The GSIS Emergency Loan program aims to provide immediate financial relief to its members and pensioners impacted by natural disasters. Members and pensioners with existing emergency loan balances may borrow up to P40,000 to enable them to clear their previous loans and receive a maximum net amount of P20,000.
Those without existing loans may apply for up to P20,000. The loan features an interest rate of six percent per annum and a repayment period of three years.
In a separate statement, SSS said it is set to provide calamity loan assistance to members who have been affected by the typhoon in the NCR and in areas that may soon be declared under state of calamity.
SSS president and chief executive officer Rolando Macasaet said members in typhoon-stricken areas can borrow a loan equivalent to their one monthly salary credit or up to a maximum of P20,000.
Pag-IBIG Fund has allocated calamity loan funds to help affected members in Metro Manila; Cainta, Rizal; Baco, Oriental Mindoro and the Province of Batangas.
Additional funds will be released for other areas where State of Calamity may be declared.
“Pag-IBIG Fund is ready to support our Filipino workers with their immediate financial needs through our cash loans. We are closely coordinating with local government units in the hardest-hit areas to ensure that aid reaches those in need promptly,” secretary Jose Rizalino Acuzar of the Department of Human Settlements and Urban Development and chairperson of the Pag-IBIG Fund Board of Trustees said.
Qualified members can borrow up to 80 percent of their total Pag-IBIG regular savings, which consists of their monthly contributions, their employer’s contributions and accumulated dividends earned.
The loan is offered at an annual interest rate of 5.95 percent, with payment terms of 24 or 36 months, with the first payment deferred for two months.
For members who need financial assistance in areas not declared under a state of calamity, the Pag-IBIG Multi-Purpose Loan is available to help them recover from the aftermath of the typhoon.
