GSIS offering P1.9 billion in loans for members in areas hit by Habagat, cyclones

The Government Service Insurance System (GSIS) on Wednesday has set aside an additional P1.9 billion for emergency loans, which will be made available to 71,000 active members and pensioners affected by the southwest monsoon or Habagat, the Intertropical Convergence Zone, and the recent tropical storms.

In an advisory, the GSIS said qualified borrowers may avail of P20,000 loans, payable over three years with a 6% interest rate per annum, and no processing fee. It will be covered by loan redemption insurance, which deems the loan fully paid in the event of the borrower’s death.

Those with existing emergency loans can borrow up to P40,000 to settle previous loan balances, bringing the maximum net amount to P20,000.

Among those qualified are members working or residing in areas affected by the Habagat, the Intertropical Convergence Zone, and tropical storms Crising (international name: Wipha), Dante (international name: Francisco), and Emong (international name: Co-may).

Active members must have no due and demandable GSIS loan, are not on unpaid leave, have paid premiums in the last six months, have no pending administrative or criminal case, and have a net monthly take-home pay of at least P5,000 after deductions to be able to avail.

Old-age and disability pensioners must retain at least 25% of their monthly pension after loan deduction.

Those in Quintin, Pangasinan, can apply until October 5, those in Sultan Kudarat until October 7, those in Atok, Benguet, until October 10, those in Parañaque City until October 27, and those in Taguig City until October 29.

Applications may be filed through the GSIS Touch mobile application, with 99.79% of applications having been submitted online so far.

“We have relaxed the requirements for granting emergency loans. We now release them once a local sanggunian declares a state of calamity upon the recommendation of the Local Disaster Risk Reduction and Management Council,” GSIS officer-in-charge president and general manager Juliet Bautista said.

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.

The GSIS is also the administrator of the General Insurance Fund, providing insurance coverage to government assets and properties that have government-insurable interests. –NB, GMA Integrated News