By Christine Fabro
The Government Service Insurance System (GSIS) allotted a P1 billion budget to assist its members and pensioners affected by the ongoing unrest of Mayon Volcano in Albay.
“After Sanggunian Panlalawigan of Albay declared the entire province as a calamity area, we immediately opened the loan and set aside a P1 billion budget to assist [GSIS members and pensioners] in Albay who need our assistance,” GSIS President and General Manager Wick Veloso said in a statement.
The emergency loan window will allow members who have an existing emergency loan balance to borrow up to P40,000 to pay off their previous emergency loan balance and receive a maximum net amount of P20,000.
Meanwhile, members and pensioners without an existing emergency loan may apply for a P20,000 loan.
The GSIS noted that the loan has a low interest rate of 6% and a three-year payment term.
“With a redemption insurance feature, the balance will be deemed fully paid in the event of the borrower’s death, as long as payments are updated,” it said in a news release.
Active members residing or working in the calamity area who are “not on leave without pay, have no pending administrative or criminal case, and have a net take-home pay of at least P5,000 after all mandatory monthly obligations have been deducted” are eligible to apply for the loan.
Old-age and disability pensioners residing in the province may also avail of the loan if their resulting net monthly pension after loan availment is at least 25% of their basic monthly pension.
The GSIS advised its members and pensioners to apply for the loan through the GSIS Touch mobile application or GSIS Wireless Automated Processing System (GWAPS) kiosks.
The availment period for the emergency loan for the entire province of Albay is from June 19 to July 18. -ag
