GSIS members hit by typhoons Pedring, Quiel may apply for P20k loans
MANILA, Philippines—Members of the Government Service Insurance System who were severely affected by Typhoons Pedring and Quiel may avail of emergency loans as much as P20,000.
The GSIS said in a statement that members qualified to avail of its emergency loan program include those residing or working in Manila, Apayao province, and towns of Rodriguez, Rizal; and Botolan, Candelaria and San Narciso in Zambales.
The offer is available until December 14 through the GSIS Wireless Automated Processing System (G-W@PS) kiosk using their eCard or their UMID eCard.
Members who do not have an eCard Plus or UMID eCard but who are eligible to apply for the loan can apply over the counter in the nearest GSIS office.
Under the program, the loan carries an interest rate of 6 percent per year and is payable in three years in equal monthly installment.
Further, an emergency loan redemption insurance of 1.2 percent of the gross loan amount shall be deducted from the proceeds of the loan.
The GSIS clarified that any outstanding balance of a previously availed of emergency loan shall be deducted from this new loan.
As for GSIS members with outstanding emergency loans, they are allowed to renew the loan if they have paid at least 12 monthly installments, but not earlier than the anniversary date of the previous loan.
The borrower should also have no arrearages in the payment of mandatory social insurance contributions, and have no loan that has been declared in default.
Further, the agency that the member works for must not be suspended because of non-payment and non-remittance of premiums and loans.
He or she must be a bona fide employee of the agency located in the calamity areas covered or a resident of the those areas, is in active service and not on leave of absence without pay, and must have no pending criminal or administrative charges.
