THE Government Service Insurance System (GSIS) has allocated P514 million as emergency loan for its members and pensioners in Luzon affected by recent calamities.
In a statement, GSIS said the program will benefit 23,469 active members and old-age/disability pensioners residing or working in the provinces of Quirino, Apayao and Aurora; and Santiago City and Cabagan town in Isabela.
These areas were declared in state of calamity after being hit by typhoons Nika, Marce, Ofel and Pepito.
Deadline for application in the provinces of Quirino, Apayao and Santiago City in Isabela is on December 20.
For Aurora province and Cabagan town in Isabela, the deadline is December 24.
Qualified members without an existing emergency loan can borrow P20,000, while those with existing loan balance may apply up to P40,000, provided the net proceeds do not exceed P20,000.
The loan has a six percent interest rate, a three-year payment term and redemption insurance coverage, which settles the loan balance in the event of the borrower’s death during the loan term, provided payments are up to date.
Eligible active member-applicants for the emergency loan must be residing or working in the areas declared as calamity zones, not be on leave of absence without pay, have paid premiums for at least six months prior to application, have no pending administrative or criminal case, and have a net take-home pay of at least P5,000 after all the required obligations have been deducted. Pensioners may also apply, provided they are residing in the calamity areas and their net basic monthly pension is at least 25 percent after loan deductions.
