GSIS earmarks P44 million for emergency loans

MANILA, Philippines —  State-run pension fund Government Service Insurance System (GSIS) has allocated P44 million in emergency loans to members and pensioners affected by the heavy rainfall in Camarines Norte.

GSIS president and general manager Wick Veloso said the pension fund for government workers and retirees has opened an emergency loan window after the municipalities of Mercedes and Vinzons in Camarines Norte were affected by heavy rainfall.

GSIS members with existing emergency loan balance may borrow up to P40,000 to pay off their previous balance and still receive a maximum net amount of P20,000.

Likewise, those without existing emergency obligations, as well as pensioners may apply for a P20,000 loan.

To qualify for the emergency loan program, active members must be residing or working in the calamity areas.

Those who are also qualified to apply are members who are in active service and not on leave of absence without pay and have at least three months of paid premiums within the last six months.

Those with no pending administrative or criminal cases, no due and demandable loan, and have a net take-home pay of not lower than P5,000 after all required monthly obligations have been deducted may also do so.

Old-age and disability pensioners are also qualified to apply if their resulting net monthly take-home pension after loan availment is at least 25 percent of their basic monthly pension.

The loan, which can be applied for until Feb. 29, is payable in three years or 36 equal monthly installments at an interest rate of six percent per annum.

It also has a loan redemption insurance, which deems the loan fully paid in case of the borrower’s demise, provided the loan payment is up to date.