GSIS earmarks over P514M for emergency loan of members, pensioners in storm-hit Luzon areas

The Government Service Insurance System (GSIS) on Thursday said it has set aside more than P514 million for the emergency loan program for members and pensioners residing or working in storm-hit provinces in Luzon.

In a statement, GSIS said the amount allocated would benefit 23,469 active members and old-age/disability pensioners in the provinces of Quirino, Apayao, and Aurora; and Santiago City and Cabagan town in Isabela province.

The pension fund said the areas were placed under a State of Calamity after being hit by typhoons Nika, Marce, Ofel and Pepito.

GSIS said the deadline for application in the provinces of Quirino, Apayao, and Santiago City in Isabela is on December 20, 2024.

Meanwhile, for Aurora province and Cabagan town in Isabela, the deadline is December 24, 2024.

The pension fund said qualified members without an existing emergency loan can borrow P20,000 while those with existing loan balance may apply up to P40,000 provided the net proceeds do not exceed P20,000.

GSIS said the emergency loan has a 6% interest rate, a three-year payment term, and redemption insurance coverage, “which settles the loan balance in the event of the borrower’s death during the loan term, provided payments are up to date.”

It added that eligible active member-applicants for the emergency loan must be residing or working in the areas declared as calamity zones, are not on leave of absence without pay, have paid premiums for at least six months prior to application, have no pending administrative or criminal case, and have a net take-home pay of at least P5,000 after all the required obligations have been deducted.

“Pensioners may also apply, provided they are residing in the calamity areas and their net basic monthly pension is at least 25% after loan deductions,” GSIS said.

The pension fund said members and pensioners may apply for the loan through the GSIS Touch mobile application, which can be downloaded from the Google Play and Apple App Stores. — BAP, GMA Integrated News