GSIS prepares emergency loan for members, pensioners to be hit by Paeng

State workers’ pension fund Government Service Insurance System (GSIS) is preparing an emergency loan program for members and pensioners who could be affected by Tropical Storm Paeng.

In a statement on Thursday, GSIS president and general manager Wick Veloso said those affected by the weather disturbance may avail of up to P40,000 in emergency loans.

“As of 23 October this year, GSIS has already released a total of P4.5 billion that provided financial assistance  to almost 145,000 GSIS active members and pensioners,” Veloso said.

Veloso said the GSIS has allocated another P1.5 billion in emergency loans for members and pensioners in 15 northern Luzon areas hit by recent calamities.

"We hope to alleviate the plight of over 69,000 GSIS members and pensioners working or residing in the calamity-declared areas in the North due to the 7.3-magnitude earthquake in July, Typhoon Karding in September, flashfloods, and dengue outbreak,” he said.

The GSIS chief said the emergency loan is also open to typhoon Karding-affected members and pensioners in the province of Nueva Ecija and municipalities of Polillo, Patnanungan, Panukulan, Jomalig, Burdeos, and General Nakar in Quezon; La Paz in Tarlac; Macabebe in Pampanga, and Dingalan, Aurora.

Qualified to apply are members who are in active service and not on leave of absence without pay; have at least three months of paid premiums within the last six months; 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.

Old-age and disability pensioners are also qualified to apply if their resulting net monthly take-home pension after loan availment is at least 25% of their basic monthly pension.

Members with 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, according to Veloso.

Pensioners and those without existing emergency loan may apply for a P20,000 loan, he said.

Paeng's track

According to PAGASA's 5 p.m. bulletin on Thursday, Signal No. 1 has been raised in several areas in the Bicol Region and the Visayas as Paeng maintains its strength while slowly moving southwest, with strong winds prevailing or expected within the next 36 hours.

At 4 p.m., the center of Paeng was located 510 kilometers east of Borongan City, Eastern Samar.

It had maximum sustained winds of 65 kilometers per hour near the center and gustiness of up to 80 km/h.

PAGASA said Paeng “may pass close to Catanduanes on Saturday and a landfall scenario is possible on Sunday in the eastern coast of Aurora or Quezon.”

“Considering the southward shift in the forecast track, a possible landfall in the eastern portion of [the] Bicol Region is not ruled out at this time,” it added.

Paeng is forecast to reach the typhoon category on Saturday. — BM, GMA News