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Twice-hit typhoon victims to get GSIS emergency loans

By: - Reporter / @bendeveraINQ
/ 05:32 AM December 22, 2014

MANILA, Philippines–The Government Service Insurance System (GSIS) over the weekend announced that members in four towns in the provinces of Cotabato and Palawan who were affected by two typhoons in November may avail themselves of emergency loans.

On its website, the state-run pension fund said that not only active members but also old-age pensioners in Araceli, Dumaran and Taytay in Palawan, as well as Carmen in Cotabato, may borrow money. These four municipalities were placed under a state of calamity after the onslaught of Typhoons “Paeng” and “Queenie” last month.

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GSIS members in Carmen may apply until Jan. 13 next year, while members and pensioners in the three Palawan municipalities have until Jan. 17 to do so.

Qualified to avail themselves of loans under the GSIS’ Enhanced Emergency Loan Program are members who have no unpaid loans, no arrears in payment of the mandatory monthly contributions, and are not on a leave of absence without pay.

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“We understand how hard it is to be struck by a calamity more than once within a year, so we doubled the loanable amount to P40,000 for members with existing emergency loans. This enables them to take home bigger loan proceeds,” GSIS president and general manager Robert G. Vergara said.

“[T]he required payment of 12 monthly amortizations prior to loan renewal has also been waived,” he said.

First-time borrowers as well as old-age pensioners in the three Palawan towns may borrow P20,000.

An interest of 6 percent per annum shall be charged on emergency loans. It is payable in 36 monthly installments, of which the initial loan amortization will be deducted from borrowers’ salaries three months after being granted the loan.

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TAGS: Cotabato, emergency loans, Government Service Insurance System (GSIS), GSIS loans, loans, Paeng, Palawan, Queenie, typhoon victims
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