GSIS readies emergency loan for members affected by Typhoon Egay

The Government Service Insurance System (GSIS) on Wednesday said it is ready to provide financial assistance to members and pensioners affected by Typhoon Egay through its emergency loan program.

In a statement, the state pension fund said those affected can avail of an emergency loan with an interest rate of 6% and a repayment period of three years. This includes the redemption of insurance coverage, which will pay off the balance in case of the borrower’s death during the loan term.

Those qualified for the emergency loan are active members who must be residing or working in the calamity areas, not on unpaid leave, have no pending legal cases, and have made at least three monthly premium payments in the past six months.

They must also have no outstanding loans, and their net take-home pay should not be lower than the amount required after all monthly obligations are deducted.

Members with an existing emergency loan balance may borrow up to P40,000 to clear the previous emergency loan and receive a maximum net amount of P20,000. Pensioners and those with existing emergency loans may apply for P20,000.

“We’ve set aside a total of P6 billion for our emergency loan budget this year. We want to ensure sufficient funds to offer loan assistance to those who need help during disasters,” GSIS president and general manager Arnulfo “Wick” Veloso said.

Signal No. 4  is still up in three areas, according to state weather bureau PAGASA's 2 p.m. bulletin. 

At 1 p.m., Egay was located over the coastal waters of Calayan (Dalupiri Island), Cagayan, with maximum sustained winds of 175 kilometers per hour near the center and gustiness of up to 240 km/h.

It had slowed from 15 km/h at 10 a.m. to 10 km/h as it moved northwestward.

One person reportedly died while two others were injured due to Typhoon Egay, according to the National Disaster Risk Reduction and Management Council (NDRRMC).

A total of 44,356 families or 180,439 individuals were affected by Egay in eight regions, 21 provinces, 65 cities/municipalities and 261 barangays, added the NDRRMC.

Displaced persons totaled 11,041, majority of whom stayed inside 107 evacuation centers.

Fifty-seven houses were damaged so far, with 49 partially damaged and eight totally damaged. The total estimated cost of damaged homes is P195,000.

Damage to infrastructure meanwhile has been estimated at P1,500,000 for nine damaged infrastructure.

President Ferdinand “Bongbong” Marcos Jr. on Wednesday said the government is ready to provide assistance to Filipinos affected by Typhoon Egay. The President said over P173 million standby funds as well as food and non-food items have been prepared for the victims.  —VAL, GMA Integrated News