GSIS allots P1.1 billion for Ursula victims

MANILA, Philippines — State-run Government Service Insurance System (GSIS) has earmarked another P1.1 billion to fund the provision of emergency loans to its members affected by Typhoon Ursula in Iloilo last year.

The 42,141 GSIS members and 12,128 pensioners in the province may avail themselves of the loan grant until March 5.

An emergency loan is offered by the GSIS to its members in areas declared under a state of calamity.

Under the GSIS’ amended emergency loan guidelines, members can borrow up to P20,000.

The loan is payable within 36 months at six percent interest per annum.

The GSIS said the loan is covered by a redemption insurance, which deems the loan fully paid in case of the death of a borrower.

The loan is open to active GSIS members who are working or residing in areas placed under a state of calamity, and whose contributions are up to date within the last six months prior to the loan application.

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

Old-age and disability pensioners may apply for an emergency loan, provided their net monthly pension is at least 25 percent of their basic monthly pension after the loan payment is deducted.

The GSIS said emergency loan renewal is allowed if payment for the previous loan is up to date.

The outstanding emergency loan balance will be deducted from the new loan.

Loan proceeds are credited to the borrower’s GSIS electronic card or unified multipurpose identification card.