GSIS allocates P306M emergency loan for Basyang-hit members, pensioners in Iligan

The Government Service Insurance System (GSIS) allocated almost P306 million in emergency loan for its active members, and old-age and disability pensioners in Iligan City hit by Typhoon Basyang.

In a statement on Thursday, GSIS said the P306-million emergency loan budget will benefit over 13,000 members and pensioners in Iligan City.

The pension fund said those eligible to apply for emergency loan are active members working or residing in the affected areas provided they have no unpaid GSIS loan for more than six months, are not on unpaid leave, have three months of paid premiums within the last six months, have no pending administrative or criminal case, and have a monthly take-home pay of at least P5,000 after deductions.

Meanwhile, old-age and disability pensioners may also apply, provided they retain at least 25% of their monthly pension after loan deduction.

GSIS said those with current emergency loans may borrow up to P40,000 to settle previous loan balances, ensuring a maximum net amount of P20,000. 

Those without any outstanding emergency loans may apply for a P20,000 loan.

GSIS said the emergency loan is payable in 36 equal monthly instalments at 6% interest rate per annum. 

The loan carries no processing fee and is covered by a loan redemption insurance, which deems the loan fully paid in case of the demise of the borrower, provided that the loan payment is up to date. 

The pension fund said the first deduction for the loan payment has a two-month grace period.

Interested borrowers may apply online via the GSIS Touch mobile app. 

The deadline for filing the application is on March 26, 2026.

Loan proceeds will be credited directly to the member's ATM account, according to GSIS.

The emergency loan is aimed at providing immediate financial relief to members and pensioners in Iligan City affected by Basyang “to help them rebuild their homes, repair damaged properties, and restore their livelihoods.”

GSIS said among those heavily affected are first responders, such as health workers, local government employees, and other frontline GSIS members, who play a critical role in crisis response yet often face the same hardships as the communities they serve. 

“The emergency loan aims to ease their burden by ensuring they receive assistance while continuing to safeguard the public during emergencies,” it said. —LDF, GMA Integrated News