The Government Service Insurance System (GSIS) is extending its emergency loan program to members and pensioners in areas affected by Typhoon Enteng, once it has obtained the list of areas declared under state of calamity.
In a statement yesterday, GSIS said this initiative builds on the pension fund’s ongoing emergency loan program, which has already been activated in several calamity-declared areas across the country.
Currently, members and pensioners in areas affected by the southwest monsoon and Typhoon Carina can apply until their respective deadlines: October 26 for Baco and Pinamalayan, Oriental Mindoro; October 25 for Batangas, Rizal, and NCR; October 29 for Bulacan and Pampanga; October 31 for Camiling, Tarlac; November 1 for San Andres, Romblon and Mabitac, Laguna; November 5 for Ilocos Norte and La Union; November 13 for Ilocos Sur; and November 21 for Mangatarem, Pangasinan.
To qualify for the emergency loan, active members must reside or work in a calamity-declared area, not be on unpaid leave, have no pending administrative or legal cases, have no due and demandable loan and have made at least six monthly premium payments prior to applying.
Their take-home net pay must not be less than P5,000, as stipulated by the General Appropriations Act.
Old-age and disability pensioners must ensure their net monthly pension remains at least 25 percent after deductions for loan amortization.
Members and pensioners with an existing emergency loan balance may borrow up to P40,000 to settle their previous loans, with a maximum net amount of P20,000.
Those without existing balances may apply for a P20,000 loan.
The loan offers an interest rate of six percent per annum, with a repayment period of three years.
