The state-run pension fund Government Service Insurance System (GSIS) on Friday said it will offer emergency loans to pensioners as well as members living or working in Ormoc City and Kananga town in Leyte who were affected by the 6.5-magnitude earthquake last month.
READ: 6.5-magnitude quake rocks Visayas
In a statement Friday, the GSIS said it allotted P120.64 million in emergency loans, application for which is until Aug. 15 in Ormoc and Aug. 17 in Kananga.
“A total of 2,756 members who are first-time emergency loan availers may borrow P20,000, while 1,130 members with existing emergency loans may apply for P40,000, from which their outstanding balance will be deducted,” the GSIS said.
Qualified to avail of emergency loans are active members who have no unpaid loans for over six month, no arrears in paying the mandatory monthly premium contributions, and are not on a leave of absence without pay.
Also, “a total of 1,016 old-age pensioners residing in the areas may apply for P20,000 over the counter,” the GSIS added, although “old-age pensioners who are also active members may avail of the loan only once.”
The loan shall be slapped with a 6-percent interest per annum computed in advance, payable in 36 monthly installments.
It will be also covered by a loan redemption insurance, under which the immediate family would not have to pay the remaining balance when the member dies as the loan shall be deemed as fully paid as long as the loan repayment was up to date.
Interested members and pensioners are enjoined to apply through GSIS Wireless Automated Processing System (GWAPS) kiosks in all GSIS branches and extension offices, provincial capitols, city and municipal halls, government agencies such as the Department of Education, as well as Robinsons malls and select SM City branches (Aura in Taguig City, Cebu, Manila, North Edsa in Quezon City, and Pampanga).
The loan proceeds will be electronically credited to the borrower’s GSIS electronic card (eCard) or Unified Multi-Purpose ID (UMID) card. JPV