GSIS extends P315-M emergency loan for members in Mindanao
The Government Service Insurance System (GSIS) will extend P315 million in emergency loans to its active members and pensioners in five areas in Mindanao affected by typhoons and heavy rains.
In a statement, the GSIS said it has earmarked about P315 million for emergency loans to members and pensioners in Dumaguete City and Valencia in Negros Occidental; Siocon, Zamboanga del Norte; Payao, Zamboanga Sibugay; and Molave, Zamboanga del Sur.
The Negros Oriental areas were hit by Typhoon Paolo, while the Zamboanga towns experienced floods due to heavy rainfall.
According to the GSIS, a total of 5,380 active members who have no existing emergency loans may borrow P20,000. Meanwhile, 4,274 members who have not yet fully paid their emergency loans may borrow P40,000, from which their outstanding balance would be deducted.
To qualify, active members must be working or residing in the areas covered. They must not be on leave of absence without pay, have no arrears in paying premium contributions, and have no unpaid loans for more than six months.
Members should also have a minimum take-home pay of P4,000 after the monthly premium contribution and loan amortization has been deducted.
The deadline for loan application in Negros Oriental and Zamboanga areas is Dec. 22 and 23, 2017, respectively.
Active members may apply through the GSIS Wireless Automated Processing System (GWAPS) kiosk located in all GSIS branch and extension offices, provincial capitols, city halls, and selected municipal offices.
The GSIS said pensioners must also personally apply for a P20,000 emergency loan overthe-counter. Pensioners who are also active members may apply for the loan only once.
The emergency loan is payable in 36 equal monthly installments at a six percent interest rate per annum. It is covered by a loan redemption insurance, which deems the loan fully paid in case of the borrower’s demise, provided that loan repayment is up to date.
Loan proceeds will be electronically credited to the borrower’s GSIS electronic card (eCard) or unified multipurpose identification (UMID) card.