The Government Service Insurance System (GSIS) has reopened yesterday its coronavirus disease 2019 (COVID-19) emergency loan program to its members and pensioners, after President Duterte signed a proclamation extending the state of calamity in the country due to the pandemic.
Under the program, qualified borrowers with existing emergency loan may borrow up to P40,000 to pay off their previous emergency loan balance and still receive a maximum net amount of P20,000, the pension fund said in a statement.
Those without existing emergency loan may apply for P20,000. The program will be available until December 27, 2020.
However, those who have already availed of the COVID-19 emergency loan are no longer qualified to apply.
“To date, there are still 700,000 of our 1.3 million qualified members and pensioners who have yet to file their emergency loan application. Hopefully, the three-month application period will give them ample time to prepare the requirements and submit them to us,” Rolando Macasaet, GSIS president and general manager, said.
“We are mobilizing our resources to help members and pensioners who need financial assistance. Of the P43.01 billion that we have set aside for this loan facility, we have already released P18 billion to nearly 600,000 of them,” he added.
Qualified to apply are members who are in active service and not on leave of absence without pay; have no pending administrative or criminal case; and have a net take-home pay of not lower than P5,000 after all required monthly obligations have been deducted.
Those that have due and demandable (with arrears of over six months) loan accounts are now allowed to renew their previous emergency loan from a different calamity.
Members with only three months of paid premiums prior to application date may already apply.
All emergency loan applications will still be subject to the approval of the respective agency authorized officers of the members’ employer, the GSIS said.
Meanwhile, old-age and disability pensioners are qualified to apply if their resulting net monthly take-home pension after loan availment is at least 25 percent of their basic monthly pension.
To ensure public health and safety, members and pensioners must file their applications through contactless methods.