By Gabriela Baron
The Government Service Insurance System (GSIS) said it is offering emergency loans to members affected by the oil spill in Oriental Mindoro.
GSIS President and General Manager Wick Veloso said the state pension fund allocated P193.92 million in emergency loans for its over 7,700 active members, old-age, and disability pensioners in Calapan City, Baco, San Teodoro, Socorro, and Victoria.
“They may now apply for the loan until May 17,” Veloso said.
Qualified to apply are members in active service and not on leave of absence without pay; have at least three months of paid premiums within the last six months prior to application; and have no pending administrative or criminal case.
Also qualified are those who have no due and demandable loan and have a net take-home pay of not lower than P5,000 after all required monthly obligations have been deducted.
Old-age and disability pensioners are also qualified to apply if their resulting net monthly take-home pension after loan availment is at least 25% of their basic monthly pension.
Members with 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.
Meanwhile, pensioners and those without an existing emergency loan may apply for a P20,000 loan.
The loan is payable in three years or 36 equal monthly installments at an interest rate of 6% per annum.
GSIS first offered the loan window to 5,170 members and pensioners in nine Oriental Mindoro areas in April. – cf
