THE Government Service Insurance System (GSIS) announced last Monday it has opened an emergency loan window starting November 21 for GSIS members and pensioners adversely affected by the magnitude 6.8 earthquake that jolted Saranggani Davao Occidental and the rest of Regions 11 and 12.
A total of 171,341 members and 27,962 pensioners who are either working or residing in Regions 11 and 12 may apply for the emergency loan, according to the GSIS. It added that the loan will be available to members and pensioners in the following areas: South Cotabato (including Koronadal City); Sultan Kudarat (including Tacurong City); Sarangani Province; General Santos City (including Kidapawan City); Davao Del Sur; Davao City; Digos City; Davao del Norte; Tagum City; Davao De Oro; Davao Occidental; and, Davao Oriental (including Mati City).
GSIS President and General Manager Jose Arnulfo A. Veloso was quoted in the statement as saying the state pension fund has earmarked a total of P6 billion for its emergency loan budget this year.
“This is to ensure that we have an adequate amount of funds to assist those who need help after the earthquake,” Veloso added.
Old-age and disability pensioners residing in the calamity areas may also avail of the loan provided their net monthly pension after availing of the loan is at least 25 percent of their basic monthly pension.
Members with existing emergency loan balance may borrow up to P40,000 to clear the balance of their previous emergency loan and receive a maximum net amount of P20,000. Meanwhile, pensioners and those without existing emergency loan may apply for a P20,000 loan.
The loan offers a low-interest rate of 6 percent and has a repayment period of three years. It also includes redemption insurance coverage, which will pay off the loan balance in case of the borrower’s death during the loan term, for as long as the payments are updated.
To qualify for the GSIS emergency loan program, active members must be residing or working in the calamity areas. They should not be on unpaid leave, have no pending legal cases, have paid premiums within the last six months and their net take-home pay should not be lower than P5,000, the amount required under the General Appropriations Act after all monthly obligations are deducted, the GSIS said.
“Binuksan agad natin ang emergency loan ng GSIS sa mga naapektuhan ng malakas na lindol upang maaga nating matugunan ang kanilang pangangailan. Ang agarang pagbibigay ng pampinansyal na suporta ay malaking bagay para sa kanilang pangangailangan sa pagkain, gamot o pangkukumpuni ng nasirang tahanan,” Veloso said.