GSIS offers P20,000-loan to members, pensioners in calamity-hit areas

The Government Service Insurance System (GSIS) has allocated nearly P8.6 billion for emergency loans, which will be made available to over 360,000 active members, and old-age and disability pensioners in Luzon hit by recent typhoons.

Under the facility, qualified members without existing emergency loans can apply for up to P20,000. Those with existing emergency loans can borrow up to P40,000 to pay off their previous balance, and enable them to receive a maximum net of P20,000.

Old-age and disability pensioners can also apply for a P20,000-emergency loan, provided that they are residents of calamity-hit areas, and that their net basic monthly pension is at least 25% after loan deductions.

The loan will have a 6% interest rate, with a three-year payment period. It will be covered by a redemption insurance, which ensures that the balance will be deemed fully paid in the event of the borrower's death provided that payments are up-to-date.

Eligible applicants are active members who are working or residing in calamity-declared areas, have no due and demandable loan, are not on unpaid leave, have paid premiums in the last six months prior, have no pending administrative or criminal cases, and have a net monthly take-home pay of at least P5,000.

The deadline for application will be on January 5 for those in Ifugao; Nueva Vizcaya; and Burgos, and Bautista in Pangasinan.

Those in Quezon (excluding Lucena City); Camarines Sur; Laguna; Naga City; Juban, Bulan, Irosin, Barcelona, Donsol, Matnog, and Castilla in Sorsogon; and San Fernando, Masbate have until January 30 to apply.

Applications in Sorsogon City, Bacon, Casiguran, Bulusan, Magallanes, Santa Magdalena, Gubat, Prieto Diaz, and Pilar in Sorsogon will be accepted until February 3.

In Masbate, the deadline for those in the Pio V. Corpuz has been set for February 12, while those in Uson have until February 21 to submit applications. — VDV, GMA Integrated News