GSIS offers emergency loan in some Luzon, Mindanao areas

Report
from Government of the Philippines
Published on 08 Oct 2015 View Original

PASAY CITY, Oct. 8 -- The Government Service Insurance System (GSIS) is offering an enhanced emergency loan to active members and old-age pensioners affected by calamities in the provinces of Ilocos Norte and Isabela; municipalities of Baganga, Tarragona, and Manay in Davao Oriental; and Datu Piang in Maguindanao.

In August, Ilocos Norte experienced heavy rainfall and flash floods due to typhoon Ineng. Drought struck Isabela and the municipalities of Manay and Baganga, where dengue outbreak was also declared. Climatic conditions damaged livelihood in Tarragona. Rio Grande de Mindanao overflowed in Datu Piang due to excessive rains.

GSIS earmarked a total of P1.18 billion in emergency loan for its 38,159 members and 6,930 pensioners in the said areas to help them recover from the damages wrought by the calamities.

GSIS members who are working or residing in the declared calamity areas; in active service; not on leave of absence without pay; have no arrearages in the payment of social insurance contributions; have no loan that has been declared in default; and have no pending administrative or criminal cases, may apply for the loan.

Qualified members who are availing themselves of the emergency loan for the first time are entitled to P20,000 while those who have an existing emergency loan may borrow P40,000. The latter’s outstanding balance will be deducted from the proceeds of the new emergency loan. Old-age pensioners, meanwhile, are qualified to a P20,000 emergency loan.

Old-age pensioners who are also active GSIS members may avail themselves of the loan only once.

Emergency loan carries a six percent interest rate per annum and is payable in 36 equal monthly instalments. It is covered by a loan redemption insurance, which deems the loan fully paid in case of demise of the borrower, provided he or she has up-to-date loan repayments.

Members may apply through the GSIS Wireless Automated Processing System or GWAPS kiosks in GSIS’s 42 branch offices, 14 extension offices, and 58 service desks; provincial capitols; city halls; municipal offices; large government agencies such as the Department of Education; 27 Robinsons Malls; and SM Supermalls in Manila, Pampanga, and Cebu.

Old-age pensioners may apply over the counter at any nearest GSIS branch office.

Deadline for submission of loan application for Ilocos Norte is on October 13, 2015. For the rest of the areas, the deadline is October 15, 2015. Loan proceeds will be electronically credited to the borrower's GSIS eCard or unified multipurpose identification (UMID) card.

For inquiries, applicants may call the GSIS Contact Center at 847-4747. (GSIS)