The Government Service Insurance System (GSIS) said it is prepared to provide assistance to its members and pensioners in Albay who will be displaced by the looming eruption of Mayon Volcano.
The GSIS said members who have an existing emergency loan balance may borrow up to P40,000 to settle their previous emergency loan balance. They will still get up to P20,000 from the state insurer.
On the other hand, those without an existing emergency loan and pensioners may apply for a P20,000 loan.
Also eligible for the loan are old-age and disability pensioners with a 25% net monthly pension after loan availment.
“We have our emergency loan window on standby in case the situation worsens for our members and pensioners. They might be forced to leave their homes and would need financial aid to see them through,” GSIS President and General Manager Wick Veloso said.
The GSIS said those who will avail of the loan must be active members and are residing or working in the calamity area and are not on unpaid leave.
They should also have a minimum of three months’ paid premiums within the last six months and have no due and demandable loan, have no pending administrative or criminal case, and have a net take-home pay of at least P5,000.
The loan has an interest rate of 6% and is payable in three years.
AG
