GSIS grants P10.12-B loans to over 200K members, pensioners

The Government Service Insurance System (GSIS) said Friday it has granted a total of P10.12 billion in loans to more than 200,000 active members and pensioners across the country.

The figures were as of May 13, said GSIS president and general manager Rolando Macasaet in a statement.

Of the total P10.12 billion, around 47% or P4.78 billion was released in the form of emergency loan while P5.34 billion or 53% was disbursed through consolidated policy loan and pension loan.

Conso-loan, policy loan and pension loan are regular loans offered by the GSIS that may be availed of anytime by qualified borrowers while emergency loan is for those affected by disasters in regions or provinces declared as calamity areas by the government, according to the pension fund.

Meanwhile, the Coronavirus disease 2019 (COVID-19) Emergency Loan was launched last April 13.

It was the first emergency loan window opened by the GSIS on a national scale after President Rodrigo Duterte declared a state of public health emergency in the entire country.

Early this month, the GSIS enhanced the features of the COVID-19 Emergency Loan program by increasing the credit limit to P40,000.

“The increase will enable members to renew their loan even if they have not yet made any payment in their previous emergency loan account such as the victims of the Taal Volcano eruption in January this year,” it said.

“For those who have no prior emergency loan or outstanding balance in their previous loan, the loanable amount is P20,000,” it added.

The GSIS also allowed members to qualify for the emergency loan even if they have incurred arrears from their previous emergency loan, and they have due and demandable accounts from other loans.

The pension fund, likewise, reduced the required premium payment to be able to qualify for the loan – from six months to three months within the last six months before the application date.

To avail of the loan, the GSIS said members may either submit their loan applications via email or apply through the GSIS Wireless Automated Processing System (GWAPS) kiosks located in all GSIS branch and extension offices; provincial capitols; city halls; selected municipal offices; large government agencies such as the Department of Education; and selected Robinsons and SM Malls.

Once the loan is approved, the proceeds will be directly credited to the Unified Multi-Purpose ID (UMID) card or temporary eCard account of the borrower.

The availment period for the COVID-19 Emergency Loan is until July 12, 2020. - MDM, GMA News