MANILA, Philippines — For the first time in history, the Government Service Insurance System (GSIS) is granting an emergency loan program for its members as the country fights the coronavirus pandemic.
During the virtual meeting of the House’s Defeat COVID-19 Committee (DCC), GSIS President Rolando Macasaet said that members are allowed to borrow P20,000 each, payable over three years at 6 percent interest per annum.
“GSIS, for the first time in its history, is granting an emergency loan program nationwide. The amount could run up to P30 billion because it will cover about 2.2 million GSIS members,” Macasaet said.
Macasaet said GSIS members could avail themselves of the loan now with amortization of around P655 a month.
With the quarantine in place, Macasaet said that GSIS members could apply for the loan online so that they would no longer go to the offices.
Application forms are available on GSIS’ website at gsis.gov.ph.
“The second option, is we have these machines, over 1,200 nationwide, they look like ATM machines, we call them GWAPS,” Macasaet said.
“All the teachers and government employees know where these are. And all they have to do is go there and they can apply online. And all the requirements and all the necessary documents can also be done online and within about three to four working days, the P20,000 will be credited to their respective accounts with Land Bank of the Philippines or with the Unionbank,” he added.
Likewise, Macasaet said that the GSIS has also increased the life insurance of medical frontliners by an additional P500,000.
“For instance, a nurse who earns P20,000 or P30,000 a month, if nothing happens to that forntliner, the insurance policy would only pay about P500,000. What GSIS is doing right now is we are adding an additional P500,000,” Macasaet said.
This will be in addition to the P1 million grant provided by President Rodrigo Duterte to deceased frontliners.
“We also retroacted the effectivity, this would be starting March 1,” Macasaet said.