GSIS allots P18.5B in emergency loans for Carina, Habagat-hit members

The Government Service Insurance System (GSIS) on Thursday said it has allocated P18.5 billion of funds which can be tapped for emergency loans to assist over 800,000 members and pensioners affected by Super Typhoon Carina and the Southwest Monsoon (Habagat) in Batangas, Rizal, and the National Capital Region (NCR).

In a statement, the GSIS said the emergency loan can be availed by 864,089 members and pensioners in regions which were declared under a state of calamity due to the weather disturbance.

The pension fund said members and pensioners may apply for emergency loan from July 26, 2024 to October 28, 2024.

The GSIS said the emergency loan program aims to provide immediate financial relief to its members and pensioners impacted by natural disasters.

It said that members and pensioners with existing emergency loan balances may borrow up to P40,000 to enable them to clear their previous loans and receive a maximum net amount of P20,000.

Those without existing loans may apply for up to P20,000.

The loan features a low interest rate of 6% per annum and a repayment period of three years.

To qualify for the emergency loan, the GSIS said active members must not be on unpaid leave, have no pending administrative or legal cases, and have made at least six monthly premium payments before applying.

The pension fund said that borrowers’ net take-home pay should not be less than P5,000 as stipulated by the General Appropriations Act.

To be eligible for the loan, old-age and disability pensioners must have a net monthly pension that is at least 25% of their gross pension after deducting the amortization of the loan.

The pension fund said eligible members may apply for the loan online through the GSIS Touch mobile app.

Eligible members may also file their application through the GSIS Wireless Automated Processing System (GWAPS) kiosks located in all GSIS branches, major government offices such as the Department of Education, provincial capitols, city halls, municipal offices, and selected Robinson’s and SM malls. — RSJ, GMA Integrated News