GSIS earmarks P4.3B for emergency loans in areas hit by El Niño

Members and pensioners of the Government Service Insurance System (GSIS) in 17 areas in the country hit by El Niño can borrow up to P40,000, as the state pension fund has allocated over P4.3 billion for emergency loans.

In an emailed statement, GSIS said the P4.3 billion will cover 185,107 active members and pensioners who can borrow up to P40,000 to clear the balance of their previous emergency loan and receive a maximum net amount of P20,000.

Those without existing emergency loans, meanwhile, can apply for a P20,000 loan, with an interest of 6% and a payment period of three years.

The program will be available to members and pensioners in areas including Negros Oriental; Kabangkalan City and Valladolid in Negros Occidental; San Vicente, Palawan; Carcar City and Compostela, Cebu; Iloilo; Brooke’s Point, Palawan; San Agustin, Romblon; Bangsamoro Autonomous Region; Quezon and Pangantucan in Bukidnon; and Tboli in South Cotabato.

The GSIS said it will accept applications until June 21, 2024, but this will depend on the areas where the members and pensioners are located.

Among those qualified are active members working on residing in the calamity-declared areas, must not be on unpaid leave, have no pending legal cases, have paid premiums within the last six months, and have a net take home pay not lower than P5,000.

Under its charter, the GSIS is mandated to ensure that its members are insured against the occurrence of certain contingencies in exchange for their monthly premium contributions. They are entitled to benefits such as life insurance, separation or retirement benefits, and disability benefits.

It is also the administrator of the General Insurance Fund, providing insurance coverage to government assets and properties that have government-insurable interests.

The agency reported a 70% increase in its net income in 2023 to P113.3 billion from P66.4 billion in 2022, as revenues increased by 33% to P311.3 billion from P234.9 billion in the previous year. — RSJ, GMA Integrated News