MANILA, Philippines – The Government Service Insurance System (GSIS) management has reminded members affected by Typhoons Tisoy and Quiel that they may avail of emergency loans worth P20,000 only until January 26 (Sunday).
This deadline is applicable for the members who either do government work or reside in Albay, Marinduque, and Camarines Sur, including Naga City; and municipalities of Sta. Maria in Romblon, Bulalacao in Oriental Mindoro, Palauan in Occidental Mindoro, Famy in Laguna, and Kalayaan in Palawan.
Members residing in Cagayan meanwhile are given until February 2 to apply for loans. A total of 103,213 members in Luzon are deemed eligible for the loans, GSIS said.
“Qualified to apply for the loan are active members who […] have updated premium payments within the last six months prior to application; have no outstanding GSIS loan that is due and demandable; are not on leave of absence without pay; have no pending administrative case or criminal charge; and have a minimum net take-home pay of Php5,000 after deduction of monthly premium contributions and loan amortizations,” GSIS noted.
“The GSIS emergency loan is payable in 36 equal monthly installments at 6% 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 payment is up to date,” it added.
Pensioners meanwhile can also apply for the emergency loan provided that their resulting net monthly pension is at least 25 percent of their basic monthly pension.
According to the government-controlled company, the loans were made possible after the agency opened up a P2.07 billion loanable fund. Members are advised to apply using the GSIS Wireless Automated Processing System (GWAPS) kiosk or through any GSIS branch office.
GWAPS, the company said, can be found in all GSIS branch and extension offices; provincial capitols; city halls; selected municipal offices; government agencies, and major mall chains like Robinsons Malls, select SM City branches in North EDSA, Manila, Pampanga, Cebu, SM Aura in Taguig, SM Southmall in Las Piñas, and Mall of Asia.
Typhoon Quiel ripped through Luzon, specifically in Cagayan last November, leaving P1.3 billion worth of damage in the province. Tisoy meanwhile brought havoc in the Bicol region and other parts of Southern Luzon, leaving scores of destroyed houses and farms.
READ: Typhoon ‘Quiel leaves damage worth P1.3B in Cagayan province
READ: Intensified ‘Tisoy’ makes landfall in Sorsogon