MANILA – The Government Service Insurance System (GSIS) has earmarked nearly PHP8.6 billion in emergency loans for 363,547 active members and pensioners affected by recent typhoons.
In a news release on Thursday, the GSIS said applications are open for eligible borrowers in several regions, with varying deadlines depending on location.
In Isabela province, the state pension fund said the deadline for loan applications is January 4.
For the provinces of Ifugao, Nueva Vizcaya, and the towns of Burgos and Bautista in Pangasinan province, the deadline is January 5.
Meanwhile, GSIS said the application window will remain open until Jan. 16 for qualified beneficiaries in Cagayan province, January 23 for Albay, and January 28 for Batangas, Camarines Norte, and Catanduanes.
For Quezon (excluding Lucena City), Camarines Sur, Laguna, Naga City, and several municipalities in Sorsogon and Masbate, the deadline is on January 30.
The deadline for areas in Sorsogon, including Sorsogon City, Bacon, Casiguran, and others, has been extended until February 5.
In the municipalities of Pio V. Corpuz and Uson in Masbate province, the deadlines are February 12 and February 21, respectively.
Eligible members must reside or work in the declared calamity zones; not on unpaid leave; have paid premiums for at least six months; have no pending administrative or criminal cases; and maintain a net take-home pay of at least PHP5,000 after deductions.
“Qualified members without an existing emergency loan can borrow PHP20,000, while those with existing loan balance may apply up to PHP40,000, provided the net proceeds do not exceed PHP20,000,” the GSIS said.
“The loan has a 6 percent interest rate, a three-year payment term, and redemption insurance coverage, which settles the loan balance in the event of the borrower’s death during the loan term, provided payments are up to date.”
Old-age and disability pensioners in the affected areas may also apply, provided they will maintain at least 25 percent of their net monthly pension after paying the amortization.
Applications can be submitted via the GSIS Touch mobile app, available on Google Play and the Apple App Store.
Funds will be credited electronically to the borrower’s eCard or UMID card. (PNA)