GSIS opens emergency loan to members in Maguindanao, Cotabato
MANILA, Philippines–The Government Service Insurance System (GSIS) on Friday announced the grant of emergency loan to more than 14,000 members working or residing in the Province of Maguindanao and Cotabato City, which were both affected by heavy rains and declared as calamity areas by their respective provincial and city councils.
In a statement, GSIS said members may apply for the emergency loan from September 17 until October 16, 2013 in any GSIS branch office or through the GSIS Wireless Automated Processing System (GWAPS) kiosk using their eCard or UMID-compliant eCard.
Eligible members may borrow up to Php20,000 payable in 36 equal monthly instalments with a reduced interest rate of six percent. Renewal of loan may be made upon payment of at least 12 monthly amortizations, but not earlier than the anniversary date of the previous loan.
GSIS members working or residing in the said locations are eligible to avail of the emergency loan if they are not on leave of absence without pay; have no pending criminal or administrative charges; have no arrearages in the payment of mandatory monthly contributions; and have no loans declared in default.
The GSIS has allocated a budget of Php127.46 million for the emergency loan program in Maguindanao and Cotabato.
For more information on the program, members may visit the nearest GSIS branch office or call the GSIS hotline at (02)-847-4747.