GSIS offers emergency loans to calamity-stricken members in Zamboanga, Masbate

The Government Service Insurance System (GSIS) is now offering emergency loans to active members and pensioners in Zamboanga del Norte and Masbate who were affected by the recent typhoons and tropical depressions in the region.

The emergency loan will be made available to some 36,838 active members and 6,222 old-age pensioners in Zamboanga del Norte and Masbate affected by typhoon Vinta and tropical depressions Agaton and Urduja.

This includes the Burias and Ticao islands, the municipalities of Sigma, Panitan, and Pontevedra in Capiz.

According to the GSIS, 23,062 active members in the said areas who have no existing loans may apply for a P20,000 loan.

Meanwhile, the remaining 13,776 who have not yet paid their loans may borrow as much as P40,000, from which the outstanding balance will be deducted.

The emergency loan is payable in 36 equal monthly installments, at a 6-percent interest rate per annum.

It is also covered by a loan redemption insurance which deems the loan fully paid in case of the borrower's death provided that the loan repayment is up to date.

To be able to qualify for the program, the active members must be working or residing in the said areas and must not be on leave of absence without pay.

They must also ensure that they have no arrears in paying premium contributions, and have no unpaid loans for more than six months.

Prospective borrowers must also have a minimum net take-home pay of P5,000 after the monthly premium contribution and loan amortizations have been deducted.

Active members may apply through the GSIS Wireless Automated Processing System (GWAPS) kiosks in all GSIS branches and extension offices.

On the other hand, the old-age pensioners may apply for the loan over the counter where they will be eligible for a P20,000 loan. Pensioners who are also active members may apply for the loan only once.

The deadline for application in Masbate, Burias, and Ticao islands has been set for February 11, 2018.

Those in Zamboanga del Norte may apply until February 16, 2018, while those in Sigma, Panitan, and Pontevedra may apply until February 20, 2018. — MDM, GMA News