State pension fund Government Service Insurance System has allocated a total of P347 million in emergency loan for its 14,406 active members and 2,933 old-age and disability pensioners who were affected by dengue in the province of Catanduanes, as well as Biñan City and Victoria in Laguna.
The application deadline for Biñan City and Victoria in Laguna is Dec. 3 and Dec. 10 for Catanduanes.
Under the amended emergency loan guidelines, the loanable amount is P20,000.
At the same time, GSIS urged its members to ensure religious and accurate loan repayment in order to avoid negative consequences on their social insurance benefits.
“We are reminding our member-borrowers to pay the correct loan amortizations on time. This will preserve their future benefits, which they have earned and should enjoy for devoting their prime in government service,” GSIS chairman and acting president and general manager Rolando Ledesma Macasaet said.
He added that if left unpaid, loans would incur interests and penalties. When the obligation is deducted from their retirement or separation benefit, it might leave them with little or no proceeds at all.
Macasaet explained, “Responsible borrowing keeps the pension fund healthy. Up-to-date loan payment makes the GSIS fund adequate to lend to other members as well.”
Members with overdue loan accounts may avail themselves of the Enhanced Conso-Loan Plus, which waives all interests, penalties, and surcharges on their existing salary loan accounts.
They are qualified to apply for the loan if they are permanent in employment status; have no pending administrative or criminal case; are not on leave of absence without pay; and have a net take-home pay of P5,000 after deduction of monthly premium contributions and loan amortizations.
Special members, such as prosecutors and members of the judiciary and constitutional commissions, are also qualified to avail themselves of Enhanced Conso-Loan Plus.
If members are already out of government service and financially incapable to settle their outstanding loan balances in full, however, they may avail of the one-time condonation and restructuring program called GSIS Program for Restructuring and Repayment of Debts.
GSIS-PRRD condones all unpaid penalties on the borrower’s outstanding balance. The restructured amount carries an interest rate of 10 percent per annum compounded annually.
Active members may apply if they are are working or residing in the calamity-declared areas; are updated in premium payments within the last six months prior to application; have no unpaid loans for more than six months; not on leave of absence without pay; have no pending administrative case or criminal charge; and have a minimum net take-home pay of P5,000 after deduction of the monthly premium contributions and loan amortizations.
Old-age and disability pensioners in the calamity declared-areas may apply for the emergency loan if the resulting net monthly pension after loan availment is at least 25 percent of their basic monthly pension.
Emergency loan renewal is allowed provided their loan payment is up to date. The outstanding emergency loan balance will be deducted from the net proceeds of the new loan.
Active members may apply through the GSIS Wireless Automated Processing System kiosk or over-the-counter in any GSIS branch office.
GWAPS kiosks are located in all GSIS branch and extension offices; provincial capitols; city halls; selected municipal offices; large government agencies such as the Department of Education; Robinsons Malls; and selected SM City branches in North EDSA, Manila, Pampanga, Cebu, SM Aura in Taguig, SM Southmall in Las Piñas, and Mall of Asia in Pasay City.
Pensioners have to apply for the loan over-the-counter. Pensioners who are also active members may apply for the loan only once.
The GSIS emergency loan is payable in 36 equal monthly instalments at 6 percent interest rate computed in advance. It is covered by a loan redemption insurance, which deems the loan fully paid in case of the borrower’s demise, provided that loan repayment is up to date.
Loan proceeds are electronically credited to the borrower’s GSIS electronic card (eCard) or unified multipurpose identification (UMID) card.
Interested parties who have inquiries may visit the GSIS website, www.gsis.gov.ph, or Facebook account, @gsis.ph; email [email protected]; or call the GSIS Contact Center at 8847-4747 if in Metro Manila or 1-800-8-847-4747 (for Globe and TM subscribers) or 1-800-10-847-4747 (for Smart, Sun, and Talk ’N Text subscribers).