THE Government Service Insurance System (GSIS) on Thursday said it has set aside nearly P2.5 billion in emergency loans to help members and pensioners affected by the pertussis outbreak in the province of Cavite and the El Niño phenomenon in the province of Occidental Mindoro.
In a news release, the state pension fund said deadline for filing of emergency loan applications in Occidental Mindoro and Cavite are on May 7 and June 7, respectively.
To qualify for the loan, active members must be residing or working in the calamity areas. They must not be on leave of absence without pay, have no pending legal cases, and have paid at least six monthly premium contributions prior to application. They must also have a net take-home pay not lower than PHP5,000 as required under the General Appropriations Act.
Old-age and disability pensioners residing in the calamity areas may also avail of the loan provided their net monthly pension after availing the loan is at least 25 percent.
Members with existing emergency loan balance may borrow up to P40,000 to clear the balance of their previous emergency loan and still receive a maximum net amount of P20,000.
Meanwhile, pensioners and those without existing emergency loans may apply for a P20,000 loan.
The loan has low interest rate of 6 percent and payment period of three years. It also includes a redemption insurance coverage, which will pay off the loan balance in case of the borrower’s death during the loan term, provided the payments are updated.
Members and pensioners may apply for the loan using the GSIS Touch mobile application. This is available for download from the Google Play Store and Apple App Store. (PNA)
