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MANILA, Philippines — As Typhoon “Goring” ravages parts of extreme northern Luzon, the Government Service Insurance System (GSIS) on Tuesday announced that its emergency loan program is already accessible to affected members and pensioners.
Based on the state weather bureau’s latest forecast as of Tuesday afternoon, Goring currently affects several parts of extreme northern Luzon while coasting through the Luzon strait.
“We prepared our support, including emergency loan assistance, to ensure our members and pensioners are fully aware of this important financial lifeline,” said GSIS General Manager Wick Veloso in a statement.
“The GSIS has allocated a P6 billion budget for this purpose, and we are ready to assist those who are in need,” he added.
Veloso said those living or working in calamity-areas are eligible to avail the emergency loan, that said, interested pensioners must not have a net monthly pension less than 25 percent of their basic monthly salary after accounting for the loan.
To ensure a maximum net sum of P20,000, members who currently have emergency loans may borrow up to P40,000 to pay off prior loan balances.
Pensioners and those without any outstanding emergency loans may also qualify for a P20,000 loan, which has a three-year repayment term and a 6 percent interest rate.
Meanwhile, eligible applicants must be active members, not on unpaid leave, and have paid premiums for at least three months during the previous six months.
Likewise, they must be free of any active administrative or criminal cases and maintain a monthly take-home salary of at least P5,000 after all mandatory deductions.
Members and pensioners who are ineligible for an emergency loan may apply for a multipurpose loan plus, which has a P5 million maximum loanable amount.
Alternatively, pensioners can apply for the expanded Pension Loan Program, which lets them borrow up to P500,000 or as much as six months’ worth of their pension. — Jezvette Kyelle Mapagdalita, INQUIRER.net trainee