The Government Service Insurance System (GSIS) yesterday said it is prepared to provide financial assistance under its emergency loan program to members and pensioners who may be adversely affected by Super Typhoon Egay.
“We’ve set aside a total of P6 billion for our emergency loan budget this year. We want to ensure sufficient funds to offer loan assistance to those who need help during disasters,” said Wick Veloso, GSIS president and general manager.
Last week, the state pension fund also began offering emergency loans to 585 active members and 53 old-age and disability pensioners in Puerto Galera, Oriental Mindoro, in response to the ongoing water crisis caused by El Niño.
To qualify for the GSIS Emergency Loan Program, active members must be residing or working in the calamity areas. They should not be on unpaid leave, have no pending legal cases, and have made at least three monthly premium payments in the six months before applying.
They must also have no outstanding loans, and their net take-home pay should not be lower than the amount required under the General Appropriations Act after all monthly obligations are deducted.
Old-age and disability pensioners residing in the calamity areas may also avail of the loan provided their net monthly pension after availing the loan is at least 25 percent of their basic monthly pension.
Members with existing emergency loan balance may borrow up to P40,000 to clear the balance of their previous emergency loan and receive a maximum net amount of P20,000. Meanwhile, pensioners and those without existing emergency loan may apply for a P20,000 loan.
The loan offers a low-interest rate of six percent and has a repayment period of three years. It also includes redemption insurance coverage, which will pay off the loan balance in case of the borrower’s death during the loan term, for as long as the payments are updated.
Members and pensioners may apply for the loan using the GSIS Touch mobile application, which is available for download from the Google Play Store and Apple App Store.
They may also apply through the GSIS Wireless Automated Processing System kiosks found in all GSIS offices, selected Robinson’s and SM supermalls and large government offices, such as the Department of Education.
