By Katrina Gracia Consebido
The Government Service Insurance System (GSIS) announced that it will be granting emergency loans to all their members and pensioners who are residing or working in the earthquake-affected areas in Northern Luzon.
President and General Manager Wick Veloso said they will ensure that their members and pensioners will receive cash assistance through the loan to assist them during the crisis.
“We are also in touch with all public entities affected by the earthquake to check if there are damaged government properties that may claim insurance from GSIS,” he added.
The GSIS has allocated a total of P5.4 billion for the emergency loan program for 2022.
Members with an existing emergency loan balance are allowed to borrow up to P40,000 to pay off their previous emergency loan balance and still receive a maximum net amount of P20,000, while those without an existing emergency loan may apply for P20,000.
Pensioners may also apply for a P20,000 loan.
Members who were affected in Northern Luzon may apply for the emergency loan following the declaration of a state of calamity.
The GSIS said the emergency loan is payable in 36 equal monthly installments at 6% interest rate computed in advance, and is covered by a loan redemption insurance.
Members who are in active service and not on leave of absence without pay are qualified for the loan program, as well as those that have at least three months of paid premiums within the last six months, have no pending administrative or criminal case, and have a net take-home pay of not lower than P5,000 with the deducted obligations. –ag
