GSIS expands emergency loan program to typhoon victims

MANILA, Philippines - The state-run Government Service Insurance System (GSIS) has expanded the areas covered by the P20,000 emergency loan program to eligible members badly affected by typhoons "Cosme" and "Frank. In a statement, GSIS President and General Manager Winston F. Garcia said the board has approved that those in the following areas may apply for the loan until Sept. 12: Romblon, Marinduque and Cavite; the cities of Las Piñas and Lucena; the municipalities of Bantayan, Medellin, Santa Fe, and Madridejos in the province of Cebu; and the municipalities of Pitogo, Sariaya, and Catanauan in Quezon Province. Those in the provinces of Maguindanao and Shariff Kabunsuan as well as in Cotabato City can file for a loan until Sept. 1. The emergency loan earlier covered members in the city of Baguio and the provinces of Pangasinan, La Union, Iloilo, Antique, Capiz, Aklan, and Samar. They had until Aug. 4 to file for an emergency loan. The loan bears an interest rate of 8% per annum and is payable in equal monthly installment for a term of three years. A monthly amortization of P688.89 will be deducted from the salaries of the borrowing members. The loan can be availed of using the GSIS Wireless Automated Processing System kiosk or G-W@PS kiosk anywhere in the country or via over-the-counter application to be filed in GSIS offices covering the abovementioned areas. To qualify for an emergency loan, the member must be a bona fide employee of the government office within the declared calamity area; be in active service and not on leave of absence without pay; have no pending criminal or administrative charges; have no arrearages in the payment of mandatory social insurance contributions; and have no loan that has been declared in default. The agency of the member-applicant must not be suspended due to non-payment and non-remittance of premiums and loans. If the member-applicant still has an outstanding emergency loan, this will be deducted from the proceeds of the new loan. — Ruby Anne Rubio, BusinessWorld