GSIS allocates additional P563.6M for emergency loans in Mindanao

The Government Service Insurance System (GSIS) on Monday said it will set aside some P563.6 million in emergency loans, in line with efforts to extend assistance to nine more dought-stricken areas in Mindanao.

According to the GSIS, members and pensioners in Iligan City in Lanao del Norte; Claveria in Misamis Oriental; Tudela and Bonifacio in Misamis Occidental; Kabasalan and Alica in Zamboanga Sibugay; and Guipos and Kumalarang in Zamboanga del Sur may apply for emergency loans until July 31, 2016.

Meanwhile, those in El Salvador City in Misamis Oriental may avail of the loans until August 9, 2016.

"A total of 2,731 old-age pensioners residing in the said areas may borrow P20,000. If they are also active members for having been reemployed in the government service, they may borrow only once," the GSIS said.

The loan will be payable through 26 equal monthly installments at a 6-percent interest rate per annum, computed in advance.

It is also covered by a loan redemption insurance, making the loan fully paid in case of the demise of the borrower provided the repayment is up to date.

This is in addition to the P5.8 billion earlier earmarked to be made available for members in Visayas and Mindanao affected by the El Niño phenomenon. — RSJ, GMA News