GSIS offers calamity loan in Falcon-damaged areas

MANILA, Philippines - Government Service Insurance System (GSIS) members living in Pangasinan and were devastated by Typhoon Falcon and the recent monsoon rains may now apply for a calamity loan from the pension fund.

In a statement, GSIS said it has set aside P180 million to service loans coming from members living in the municipalities of Bani and Agno, and Dagupan City in Pangasinan.

Typhoon Falcon, which entered Philippine territory in July, enhanced the southwest monsoon and brought heavy rains over parts of Luzon and Visayas.

GSIS said members eligible to apply are those who are not on leave of absence without pay, have no pending dues in the payment of premium contributions, have not defaulted in any loans, and have no pending administrative or criminal case.

Members have until Sept. 18 to apply for a loan, which will be payable in 36 monthly installments and will carry a six-percent interest rate per annum.

The pension fund said the 2,403 active members working and living in the covered areas who are first-time borrowers may apply for an emergency loan, while the 2,323 members who have existing credit may borrow P40,000.

Old-age pensioners need to apply personally if they want to avail of the P20,000-pension emergency loan, GSIS noted. This type of loan is covered by a redemption insurance which means the debt is considered fully paid in case of the borrower’s death.

The agency said members may use the GSIS Wireless Automated Processing System kiosks inside the GSIS offices, provincial capitols, city halls, municipal offices, a number of government offices, and selected Robinsons malls to apply for the loan.

Loan proceeds will be automatically credited to the member’s GSIS eCard or unified multipurpose identification card, the fund said.