GSIS offers emergency loan program for members affected by Davao Oriental earthquake

The Government Service Insurance System (GSIS) on Tuesday said it is ready to provide financial assistance to members and pensioners in Davao Oriental through emergency loans, following the twin earthquake that struck the province last week.

In an advisory, the state pensioner said qualified members and pensioners residing or working in affected areas can borrow up to P40,000 if they have an existing emergency loan, or up to P20,000 for those who have none.

The loans are payable in 36 months at 6% annual interest, with the first payment due after three months.

Members can apply for the loans through the GSIS Touch mobile application, GWAPS kiosks, or over the country, with proceeds credited directly to their GSIS ATM cards. Applications are processed through digital channels of the agency.

“We are closely monitoring the situation in Davao and stand ready to provide immediate financial assistance to help our members and pensioners recover from the effects of the earthquake,” GSIS president and general manager Jose Arnulfo “Wick” Veloso said in a statement.

This comes as a magnitude 7.4 earthquake struck offshore Manay, Davao Oriental on Friday morning, October 10, followed by the magnitude 6.8 offshore earthquake in the evening.

The GSIS said it is also coordinating with local government units to assess insured government properties that may have been damaged by the recent quakes, and ensure the processing of insurance claims, and the immediate restoration of public services.

“Just as we did in Cebu, GSIS will ensure that our members and pensioners in Davao receive the support they need to recover quickly. Our priority is to bring relief and security, especially in times of calamity,” Veloso said.

The agency earlier provided emergency loans to members and pensioners in Cebu, following the magnitude 6.9 earthquake that struck the area on October 1.

Under its charter, the GSIS is mandated to ensure that its members are insured against the occurrence of certain contingencies in exchange for their monthly premium contributions. They are entitled to benefits such as life insurance, separation or retirement benefits, and disability benefits. —VAL, GMA Integrated News