GSIS earmarks P437.5M in emergency loan for 10 calamity-hit areas

State workers’ pension fund Government Service Insurance System (GSIS) has earmarked nearly half a billion pesos in emergency loans for 10 areas hit by calamities.

“Having the financial means to provide for basic needs amidst a natural disaster is important. By readying over P437.5 million in emergency loan, we hope to help alleviate the plight of our 18,573 members and pensioners who were adversely affected by the recent power crisis and flooding,” said GSIS president and general manager Wick Veloso.

The P437.5-million emergency loan will be available for active members and old-age and disability pensioners based in nine areas in Occidental Mindoro affected by the power crisis as well as in the municipality of Prosperidad in Agusan Del Sur in Mindanao, which was hit by flash floods and landslides.

Set to benefit are a total of 17,010 active members and 1,563 old-age and disability pensioners working or residing in the municipalities of San Jose, Magsaysay, Calintaan, Rizal, Sablayan, Santa Cruz, Mamburao, Paluan, and Abra de Ilog in Occidental Mindoro; and the municipality of Prosperidad town.

The application period for the emergency loan is until June 21, 2023.

To qualify, active members must not be on leave of absence without pay; have at least three months of paid premiums within the last six months prior to application; have no pending administrative or criminal case; have no due and demandable loan; and have a net take-home pay of not lower than P5,000 after all required monthly obligations have been deducted.

Old-age and disability pensioners are also qualified to apply if their resulting net monthly take-home pension after loan availment is at least 25% of their basic monthly pension.

Moreover, members with an existing emergency loan balance may borrow up to P40,000 to pay off their previous emergency loan balance and receive a maximum net amount of P20,000.

Pensioners and those without an existing emergency loan may apply for a P20,000 loan.

The emergency loan is payable in 36 equal monthly installments with an interest rate of 6% per annum.

The loan also carries a redemption insurance —which deems it fully paid in case of the borrower’s demise, provided the loan payment is up to date.—AOL, GMA Integrated News