State pension fund Government Service Insurance System (GSIS) President and General Manager Wick Veloso announced that the GSIS is prepared to extend emergency loan to members and pensioners in the provinces of Davao Del Norte, Davao de Oro, Davao Oriental and Davao City, that have been affected by continuous rainfall, resulting in flash floods and landslides.
Under the GSIS Emergency Loan program, qualified members who have no existing emergency loan may borrow up to P20,000. Those who have an existing emergency loan balance may borrow up to P40,000 to pay off their outstanding emergency loan balance and will still receive a maximum net amount of P20,000. Pensioners are also eligible to apply for a loan of P20,000.
Eligible applicants for the emergency loan are active members residing or working in places declared as calamity areas, who are not on leave of absence without pay and have paid their premiums within the last six months prior to application. They should have no pending administrative or criminal case and have a resulting net take-home pay of at least P5,000 after all the required monthly obligations have been deducted.
Old-age and disability pensioners residing in the calamity areas may also avail of the loan as long as their resulting net monthly pension after loan availment is at least 25 -percent of their basic monthly pension and they have no outstanding loan being deducted from their monthly pension except pension loan.
The loan has a low interest rate of six percent and three-year payment term. With a redemption insurance feature, the balance will be deemed fully paid in the event of the borrower’s death, as long as payments are updated.
Members and pensioners may apply for the loan using the GSIS Touch mobile application, which is available for download from the Google Play Store and Apple App Store. They may also apply through the GSIS Wireless Automated Processing System (GWAPS) kiosks, found in all GSIS offices, selected Robinson’s and SM supermalls, and large government offices such as the Department of Education.
Over-the-counter application will be allowed if the GWAPS kiosk is offline or if the borrower has no ecard, has a defective ecard, unreadable biometrics or temporary-issued eCard.
For further details, members and pensioners may visit the GSIS website (www.gsis.gov.ph) or Facebook page (@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).