GSIS allocates P4.3-B loan fund for members affected by El Niño

MANILA, Philippines — The Government Service Insurance System (GSIS) on Monday announced that it is allocating more than P4.3 billion in emergency loans for members and pensioners in areas affected by El Niño.

With this, GSIS in a statement said members and pensioners with an existing emergency loan balance may borrow up to P40,000 to clear the balance of their previous emergency loan and receive a maximum net amount of P20,000.

READ: El Niño damage to PH agri nears P6B

Meanwhile, those without an existing emergency loan may apply for a P20,000 loan.

According to the agency, a total of 185,107 active members as well as old-age and disability pensioners in Negros Oriental and Kabangkalan City, and Valladolid in Negros Occidental may apply until June 14, 2024.

Those in San Vicente, Palawan may apply until June 15, 2024; those in Carcar City and Compostela in Cebu and Iloilo on June 19; and in Brooke’s Point in Palawan, San Agustin in Romblon, Bangsamoro Autonomous Region (Basilan, Lanao del Sur, Maguindanao del Norte and Sur, Special Geographic Area), Quezon and Pangantucan in Bukidnon and Tboli in South Cotabato until June 21, 2024.

To qualify, GSIS said active members must be working or residing in the calamity-declared areas, not on unpaid leave, have no pending legal cases, have paid premiums within the last six months, and have a net take-home pay of not lower than P5,000 per the General Appropriations Act.

Old-age and disability pensioners, on the other hand, may also avail of the loan provided their net monthly pension after availing of the loan is at least 25 percent.

The emergency loan has an interest of 6 percent, with a payment period of three years.

GSIS said members and pensioners may apply through the GSIS Touch mobile application.