The Government Service Insurance System has earmarked P1.6 billion in emergency loan to members and pensioners in Oriental Mindoro, Albay and Sorsogon.
According to GSIS president and general manager Robert G. Vergara, a total of 49,049 members and 9,315 pensioners will be eligible to avail of the emergency loan program in said areas until Jan. 30, 2016.
“Active members working or residing in the declared calamity areas are eligible to borrow if they are not on leave of absence without pay, have no arrears in paying premium contributions, and have no loans in default (no unpaid amortization for more than six months). Pensioners who are residing in the calamity areas are qualified to avail of the program,” Vergara said.
The GSIS emergency loan package consists of an increased credit limit of P40,000 for active members who have outstanding balance in their existing emergency loan and P20,000 for first-time borrowers and pensioners.
“There are 28,980 active members in Oriental Mindoro, Albay and Sorsogon who may avail of the P40,000 loan, while 20,069 active members and 9,315 pensioners are qualified to avail of the P20,000 loan,” the pension fund chief explained.
The loan is payable in three years or 36 equal monthly installments at 6 percent interest per annum computed in advance and is covered by a loan redemption insurance, which deems the loan fully paid in case of death of the borrower, provided that the loan repayment is up to date.
Active members may apply using their GSIS eCard or their unified multipurpose identification card through the GSIS Wireless Automated Processing System kiosks located in GSIS offices, provincial capitols, city halls, selected municipal offices, large government agencies such as the Department of Education, 27 Robinsons Malls and SM Super Malls in Manila, Pampanga, and Cebu.
Pensioners need to personally apply in the GSIS offices in the calamity areas and fill out an application form.