GSIS: P6B emergency loan budget for 2023 to assist members affected by calamity
MANILA, Philippines — The Government Service Insurance System (GSIS) has allotted P6 billion this year as an emergency loan budget to assist members and pensioners who may be affected by calamities.
The state insurance company has disclosed this as a super typhoon enters the Philippine area of responsibility (PAR), threatening parts of the country.
“We have specifically earmarked P6 billion for our emergency loan budget this year to guarantee loan assistance to members and pensioners who need help during calamities,” GSIS President and General Manager Wick Veloso said in a statement.
The GSIS explained that members and pensioners who have an existing emergency loan balance may borrow up to P40,000 to pay off their previous emergency loan balance and still receive a maximum net amount of P20,000 for a new loan.
LIVE UPDATES: Super Typhoon Mawar
On the other hand, members and pensioners without an existing emergency loan are also eligible to apply for a loan of P20,000.
The emergency loan from GSIS comes with a six percent interest rate. It may be repaid for a period of three years.
It also includes a redemption insurance feature, which ensures that the balance will be deemed fully paid in the event of the borrower’s death, as long as payments are up-to-date at the time.
To become eligible, applicants must be active members, not on unpaid leave, with a minimum of three months’ paid premiums within the last six months. They likewise should have no pending administrative or criminal case and maintain a net take-home pay of at least P5,000 after all mandatory monthly deductions.
Meanwhile, members and pensioners who are not qualified for an emergency loan may apply under the multipurpose loan (MPL) plus which has a maximum loanable amount of P5 million.
Pensioners also have the alternative option to apply for the enhanced Pension Loan program, which allows them to borrow either up to six months’ worth of their pension or up to P500,000.
Super Typhoon Betty (international name: Mawar) entered the PAR early morning of Saturday. It is the second storm that entered the country this year and the first this May.
Super Typhoon Mawar may whip up monsoon rain in Luzon, Visayas next week
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