GSIS offers P20,000 emergency loan to members amid COVID-19 crisis

The Government Service Insurance System (GSIS) is offering its members a P20,000 emergency loan to help them sustain their needs amid the coronavirus disease 2019 (COVID-19) crisis.

During the virtual meeting of the Economic Stimulus Package subcommittee of the House's Defeat COVID-19 committee, GSIS president and general manager Rolando Macasaet said it will be the first time in the agency's history that it will grant emergency loan to all its 2.2 million members nationwide, which could run up to a total of P30 billion.

"They are allowed to borrow P20,000 each, payable over three years at only 6% interest per annum," Macasaet said.

"The amortization of this is roughly P655 a month, and they can avail of it now," he added.

Macasaet said there is no need to physically apply for the emergency loan at any GSIS office, as it can be done online.

"All they have to do is go to our website: gsis.gov.ph. They can download the applications and apply online," he said.

"All the requirements and all the necessary documents can also be done online and within about three to four working days, the P20,000 will be credited to their respective accounts with Land Bank of the Philippines or with the Unionbank," he added.

The GSIS earlier said it would grant a three-month moratorium on the payment of loans of its members and pensioners amid the extended enhanced community quarantine in Luzon.

Under this condition, the collection of loan payments will resume on June 1, 2020 without penalty or additional interest.

All loan terms, as a result of the moratorium, would also be effectively extended by three months. — Erwin Colcol/BM, GMA News