MANILA, Philippines—The Government Service Insurance System has earmarked a total of P424.8 million in emergency loan grants to some 21,000 members who are affected by heavy rain, flooding and earthquake in the Visayas.
A loan package of P20,000 is being made available to a member living in or residing in the affected areas.
Robert G. Vergara, GSIS president and general manager, on Thursday said the pension fund has earmarked P260.8 million in emergency loans to some 13,000 members in Aklan, Cadiz City in Negros Occidental, and nine towns in Leyte—Abuyog, Dagami, Javier, Julita, Mayorga, San Miguel, Tabontabon, Tanauan and Tolosa.
Another P164 million is ready for emergency loans to some 8,000 members in areas affected by Monday’s earthquake in the region, Vergara said.
Members who may avail themselves of the loans must be in active service and not on leave of absence without pay, have no pending criminal or administrative charges, have not missed payment of mandatory social insurance contributions, and have no loan that has been declared in default.
Borrowers must not be under suspension because of nonpayment and nonremittance of premiums and loans.
Those with outstanding emergency loans will be allowed to renew the loan if they have paid at least 12 monthly installments. However, they should file their application not earlier than the anniversary date of the previous loan.
The GSIS “has reduced the interest rate for its emergency loan from 8 percent to 6 percent and would no longer charge a one-percent service fee for the loan,” Vergara said.
It “has also extended the payment of the first amortization from one month to three months (after the loan release),” he added.
Those affected by heavy rains may apply for emergency loan until Feb. 27, while those affected by the quake have until March 9.