GSIS extends emergency loans to Tisoy victims

MANILA, Philippines — State-run Government Service Insurance System (GSIS) has earmarked P1.4 billion for the provision of emergency loans to 70,561 members who were affected by Typhoon Tisoy last year.

In a statement, the GSIS said members residing in the provinces of Occidental Mindoro, Romblon, Sorsogon, and San Francisco in Quezon who were affected by Typhoon Tisoy may avail of the state fund’s calamity loan program until Feb. 15.

Affected members from Masbate and Oriental Mindoro may also apply for the loan until Feb. 16 and Feb. 19, respectively.

An emergency loan is offered by the GSIS to members in areas under state of calamity. Under the GSIS’ amended emergency loan guidelines, members may borrow as much as P20,000.

Emergency loans are payable in 36 months at six percent interest per annum.

The GSIS said 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.

To qualify, active members should be working or residing in state of calamity-declared areas; are updated in premium payments within the last six months prior to the application; not be on leave of absence without pay; have no unpaid loans for more than six months; and have no pending administrative case or criminal charge.

They should also have a minimum net take-home pay of P5,000 after the monthly premium contribution and loan amortization have been deducted from their salaries.

Old-age and disability pensioners in the calamity declared-areas may apply for the emergency loan as long as their resulting net monthly pension after the loan availment reaches at least 25 percent of their basic monthly pension.

The GSIS said emergency loan renewal is allowed, provided that their loan payment is up to date. The outstanding emergency loan balance will be deducted from the new loan.

Loan proceeds are electronically credited to the borrower’s GSIS electronic card (eCard) or unified multipurpose identification (UMID) card.