The Government Service Insurance System (GSIS) said Friday it allocated P18.5 billion in emergency loans to help 864,089 members and pensioners affected by Tropical Storm Carina and the southwest monsoon (Habagat) in Batangas, Rizal and the National Capital Region (NCR).
These regions were declared calamity areas. Members and pensioners may apply for the loan from July 26 to Oct. 28, 2024, the state-run pension fund for government employees said.
It said the emergency loan program aims to provide immediate financial relief to its members and pensioners impacted by natural disasters.
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 percent per annum and a repayment period of three years.
The GSIS said that to qualify for the emergency loan, active members should not be on unpaid leave, have no pending administrative or legal cases and have made at least six monthly premium payments before applying.
Their net take-home pay should not be less than P5,000 as stipulated by the General Appropriations Act.
It said that to be eligible for the loan, old-age and disability pensioners should have a net monthly pension that is at least 25 percent of their gross pension after deducting the amortization of the loan.
Eligible members may apply for the loan online through the GSIS Touch mobile app. They 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.
