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Sunday, May 19, 2024

GSIS allocates P2.5-b emergency loan to help members in Cavite, Mindoro

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State pension fund Government Service Insurance System (GSIS) said it allocated nearly P2.5 billion in emergency loan to help members and pensioners affected by the pertussis outbreak in Cavite and by the El Niño phenomenon in Occidental Mindoro.

Deadline for filing of emergency loan applications in Oriental Mindoro and Cavite are on May 7 and June 7, respectively.

GSIS said that to qualify for the loan, active members should be residing or working in the calamity areas. They should 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 P5,000 as required under the General Appropriations Act,” GSIS said.

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 loan may apply for a P20,000 loan.

The loan has low interest rate of 6% percent, with a 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.

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