The Government Service Insurance System (GSIS) yesterday announced that it will grant emergency loan assistance to its members and pensioners who are residing or working in areas affected by the 7.3-magnitude earthquake that hit the northern part of the country.
GSIS said in a statement it has allocated P5.4 billion for the emergency loan program this year.
The pension fund’s members who have 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 existing emergency loan may apply for P20,000. Pensioners may likewise apply for a P20,000 loan.
Active members residing or working as well as old-age and disability pensioners residing in affected areas in Northern Luzon may apply for the loan after these have been declared under a state of calamity.
The GSIS emergency loan is payable in 36 equal monthly instalments at 6 percent interest rate computed in advance. It is also covered by a loan redemption insurance which deems the loan fully paid in case of the borrower’s demise, provided that loan payment is up to date. – Angela Celis
