GSIS opens P1-billion emergency loan program for Mayon victims 

The Government Service Insurance System (GSIS) is allocating P1 billion for its emergency loan program that seeks to help members and pensioners affected by Mayon Volcano's unrest in Albay.

On Wednesday, the state workers’ pension fund announced that applications to avail the emergency loan are now open.

The GSIS said it would accept applications until July 18, 2023.

"After Sanggunian Panlalawigan of Albay declared the entire province a calamity area, we immediately opened the loan and set aside a P1 billion budget to assist 39,0000 GSIS members and pensioners in Albay who need our assistance," said GSIS president and general manager Wick Veloso.

Eligible to apply for the loan are active members residing or working in the calamity area who are not on leave without pay, have no pending administrative or criminal cases, and have a net take-home pay of at least P5,000 after all mandatory monthly obligations have been deducted.

Old-age and disability pensioners residing in the province may also avail of the loan if their resulting net monthly pension after loan availment is at least 25% of their basic monthly pension.

The GSIS said members who have an 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 loans may apply for a P20,000 loan.

The loan has a low interest rate of 6% and a three-year payment term.

With a redemption insurance feature, the GSIS said the balance will be deemed fully paid in the event of the borrower’s death, as long as payments are updated.

The pension fund advised members and pensioners to apply for the loan program through their mobile phones by using the GSIS Touch mobile application.

GSIS Touch may be downloaded from the Google Play Store and the Apple App Store.

The pension fund said members may also apply for the loan through the GSIS Wireless Automated Processing System (GWAPS) kiosks, which are located in all GSIS offices, Robinson's malls, SM supermalls, and other government offices. —VBL, GMA Integrated News