The Government Service Insurance System (GSIS) on Friday opened emergency loan applications via its Touch mobile app for members and pensioners affected by the magnitude 7.4 earthquake in Davao Oriental.
Active members who are working or residing in the affected areas are eligible to apply, provided they have no due and demandable GSIS loan, have a monthly take-home pay of at least P5,000 after deductions, have paid premiums in the last 6 months, are not on unpaid leave, and do not have any pending administrative or criminal case.
Old-age and disability pensioners affected by the earthquake also can apply for the loan, provided they retain at least 25 percent of their monthly pension after loan deduction.
Members without any outstanding emergency loan may borrow up to P20,000. Those with current emergency loans may borrow up to P40,000 to settle previous loan balances, ensuring a maximum net amount of P20,000.
Once their applications are approved, borrowers can pay for the loan in 36 equal monthly installments with a 6 percent interest rate annually. It also comes with a loan redemption insurance, which deems the loan fully paid in case of the borrower’s demise, provided that loan payment is up to date.
This grant follows the recently opened emergency loan applications in Cebu, Masbate, Oriental Mindoro, Romblon, Cagayan, Ilocos Norte, Dagupan City, and Buluan, Maguindanao del Sur, due to the onslaught of earthquakes and typhoons in the country.
GSIS said it has set aside over P5.4 billionworth of emergency loans for its more than 224,000 active members, old-age pensioners, and disability pensioners in the affected areas.
“GSIS remains steadfast in its mission to care for government workers and retirees, especially in times of crisis. We are here to help our members and pensioners recover and rebuild,” said Wick Veloso, GSIS president and general manager.
The deadline for emergency loan applications in each area is as follows: Masbate, Oct. 29; Oriental Mindoro and Romblon, Oct. 31; Cagayan and Pagudpud, Ilocos Norte, Nov. 1; Dagupan City and the rest of Ilocos Norte, Nov. 15; Cebu, Nov. 30; and Davao Oriental and Buluan, Maguindanao del Sur, Dec. 14.
Moreover, GSIS said it is also still accepting emergency loan applications for the following areas: Rizal, Malabon, Marikina, Las Piñas, Navotas and Valenzuela, Oct. 24; Caloocan City, Oct. 25; Muntinlupa City, Oct. 26; Parañaque City, Oct. 27; and Taguig City, Oct. 29.
