GSIS opens P227-M emergency loan facility to victims of monsoon rains

The Government Service Insurance System (GSIS) has opened a P227-million emergency loan facility to be made available for members and pensioners in Pangasinan and Bataan affected by the recent monsoon rains and heavy floods.

In an emailed statement, the GSIS said it has set aside the amount P227 million for 7,114 members and 944 pensioners affected by the recent rains and heavy floods in Dagupan City in Pangasinan, and Dinalupihan in Bataan.

Among the members qualified to take out an emergency loan are those who live or work in the two calamity-declared areas, are not on leave of absence without pay, have no more arrears in paying premium contributions, and have no unpaid loans for more than six months.

Those qualified may apply only until September 29, 2016.

First-time applicants may take out an emergency loan of up to P20,000, while those with existing emergency loans may borrow up to P40,000 – from which their outstanding balances will be deducted.

Pensioners are required to apply in person at any GSIS office. Those who are also active members or those who reentered the government service may apply for the loan only once.

AN emergency loan is payable in 36 equal monthly installments at a 6-percent interest rate per annum computed in advance.

It is covered by loan redemption insurance – deeming a loan fully paid in case of the borrower's demise, provided that loan repayment is up to date. — Jon Viktor Cabuenas/VDS, GMA News