MANILA: The Government Service Insurance System (GSIS) has announced the allocation of nearly PHP8.6 billion in emergency loans aimed at assisting 363,547 active members and pensioners impacted by recent typhoons in Luzon. The initiative is designed to provide financial relief to those residing or working in declared calamity zones, with specific application deadlines set for various regions.
According to Philippines News Agency, the GSIS has outlined a schedule for loan application deadlines, which vary by location. In Isabela province, eligible borrowers have until January 4 to submit their applications. The deadline extends to January 5 for residents of Ifugao, Nueva Vizcaya, and the towns of Burgos and Bautista in Pangasinan province. Meanwhile, the application period for Cagayan province extends to January 16, for Albay until January 23, and for Batangas, Camarines Norte, and Catanduanes until January 28.
For other regions, such as Quezon (excluding Lucena City), Camarines Sur, Laguna, Naga City, and several municipalities in Sorsogon and Masbate, the deadline is set for January 30. In Sorsogon, including areas like Sorsogon City, Bacon, and Casiguran, the deadline is extended to February 5. The municipalities of Pio V. Corpuz and Uson in Masbate province have deadlines on February 12 and February 21, respectively.
To qualify for the loan, members must meet several criteria, including residing or working in the calamity zones, not being on unpaid leave, having paid premiums for at least six months, having no pending administrative or criminal cases, and maintaining a net take-home pay of at least PHP5,000 after deductions. Those without an existing emergency loan can apply for up to PHP20,000, while members with an existing loan balance may apply for up to PHP40,000, provided that the net proceeds do not exceed PHP20,000.
The loan features a 6 percent interest rate, a three-year payment term, and includes redemption insurance coverage. This insurance settles the loan balance in the event of the borrower's death during the loan term, as long as payments are current. Old-age and disability pensioners in affected areas are also eligible, provided they maintain at least 25 percent of their net monthly pension after amortization payments.
Applications can be submitted through the GSIS Touch mobile app, available on both Google Play and the Apple App Store, with funds being credited electronically to the borrower's eCard or UMID card.
