GSIS opens emergency loan facility to flash floods victims

The Government Service Insurance System (GSIS) has opened a P14-million emergency loan facility for members and pensioners affected by the recent flash floods in Maguindanao.

In an emailed statement, the pension fund for government employees said some 300 active members and old-age pensioners affected by the flash floods in Datu Piang, Maguindanao are qualified to avail themselves of emergency loan.

"They may apply for a P20,000 loan. If with existing emergency loan, they may avail themselves of up to P40,000, from which their outstanding balance will be deducted," the GSIS said.

The loan is payable in 36 equal monthly installments with a 6-percent interest rate per year, computed in advance.

A loan redemption insurance cover the facility, which deems the loans fully paid in case a borrower dies, provided that repayment is up to date.

Active members may apply via the GSIS Wireless Automated Processing System (GWAPS) kiosks in all GSIS branches and extension offices, provincial capitals, city halls, municipal offices, and select SM City branches — North Edsa, Manila, Pampanga, Cebu, and SM Aura in Taguig.

Old-age pensioners may apply in person to avail themselves of the emergency loan.

The deadline for loan application is on December 27, 2016. — Jon Viktor Cabuenas/VS, GMA News