STATE pension fund Government Service Insurance System (GSIS) President and General Manager Jose Arnulfo A. Veloso said the GSIS is prepared to open its emergency loan program for members and pensioners in Luzon affected by Supertyphoon Karding (international name: Noru).
In a statement, Veloso said the state-run pension fund for public-sector employees has allocated P4 billion for an emergency-loan budget this year. “We will ensure that the loan assistance will be available to all qualified active members and old-age and disability pensioners based in the affected areas,” he was quoted in the statement as saying.
According to the statement, GSIS members with an existing emergency loan balance may borrow up to P40,000 to pay off their previous emergency loan balance and still receive a maximum net amount of P20,000. Those without existing emergency loan may apply for P20,000. Pensioners may likewise apply for a P20,000 loan. The loan has a 6-percent interest and is payable in two years.
Qualified to apply are members who are in active service and not on leave of absence without pay; have at least three months of paid premiums within the last six months; have no pending administrative or criminal case; and have a net take-home pay of not lower than P5,000 after all required monthly obligations are deducted.
Other loan windows are available for members and pensioners not qualified for emergency loan: the Multi-purpose Loan (MPL) Plus with a maximum loanable amount of P5 million; the enhanced Pension Loan program where pensioners may borrow up to six months’ worth of their pension or up to P500,000.