Over PHP159 million worth of emergency loans has been allocated by the Government Service Insurance System (GSIS) for its active members and pensioners in areas affected by recent calamities.
GSIS said that the loan will be available for residents in municipalities in Pangasinan and in Kalamansig, Sultan Kudarat who were affected by typhoons Karen, Lawin and heavy rainfall and flooding.
Active members working or residing in the said municipalities, not on leave of absence without pay, have no arrears in paying premium contributions, and have no unpaid loans for more than six months may apply for the loan.
Qualified members may borrow PHP20,000. Those with existing emergency loan may renew their loan amounting to PHP40,000, with their outstanding balance deducted from the new proceeds.
Old-age pensioners residing in the areas may apply for PHP20,000. However, those who are also active members (retired government workers who have been reemployed) may apply for the loan only once.
Carrying a 6 percent interest rate per annum computed in advance, the loan is payable in 36 monthly installments. The loan is covered by a loan redemption insurance which is deemed fully paid in case of a member's demise, provided the loan repayment is up to date.
The deadline for loan application is January 21 and January 22, 2017 for Pangasinan municipalities and Kalamansig, respectively. Pensioners may apply over the counter at any GSIS branch office.
Members may apply through the GSIS Wireless Automated Processing System (GW@PS) kiosks in all GSIS branch and extension offices; provincial capitols; city halls; selected municipal offices; large government agencies such as the Department of Education; Robinsons Malls; and selected SM City branches in North EDSA, Manila, Pampanga, Cebu, and SM Aura in Taguig.
Loan proceeds are electronically credited to the borrower's GSIS eCard or unified multipurpose identification (UMID) card.
Source: Philippines News Agency