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Nation

GSIS allots P1.7 billion emergency loans

Louise Maureen Simeon - The Philippine Star
GSIS allots P1.7 billion emergency loans
GSIS president and general manager Wick Veloso said the loan is specifically for members and pensioners affected by the increase in rabies cases in Buenavista, Marinduque.
STAR / File

MANILA, Philippines — State-run pension fund Government Service Insurance System (GSIS) has allocated P1.7 billion in emergency loans to members and pensioners affected by rabies and the El Niño phenomenon.

GSIS president and general manager Wick Veloso said the loan is specifically for members and pensioners affected by the increase in rabies cases in Buenavista, Marinduque.

Two towns in Marinduque had been placed under a state of calamity as rabies cases went up.

Residents of Catbalogan in Western Samar; Cordova, Naga and Toledo in Cebu; Iloilo City; Buenavista in Guimaras; Bayawan and Sta. Catalina in Negros Oriental; Antique; Basilan, and Datu Piang and Sultan sa Barongis in Maguindanao del Sur, who were affected by El Niño, can avail themselves of the emergency loan.

Over 77,000 affected members as well as old-age and disability pensioners are expected to benefit from the loan window.

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

Pensioners with no existing emergency obligations can apply for a loan of up to P20,000.

Active members must be residing or working in areas placed under a state of calamity to qualify for the emergency loan program.

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

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

The loan is payable in three years or 36 monthly installments at an interest rate of six percent per annum.

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

GSIS members and pensioners in Luzon have until June 7 to avail themselves of the loan, up to May 31 in the Visayas and June 1 in Mindanao.

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