The Government Service Insurance System (GSIS) earmarked a total of over Php5.8 billion in emergency loan due to the long dry spell in Cebu, Negros Occidental, and Iloilo in Visayas, as well as in six areas in Mindanao, namely, the provinces of Camiguin and Davao Oriental, Butuan City, Villanueva in Misamis Oriental, and the municipalities of Titay and Ipil in Zamboanga Sibugay.
GSIS allotted more than Php2 billion in emergency loan for its 60,076 active members and 11,135 old-age pensioners in Cebu and another Php2.8 billion for its 76,745 members and 17,814 pensioners in Negros Occidental and Iloilo (except Iloilo City).
Close to P877 million has been set aside for the 28,282 members and 3,837 pensioners in the Mindanao areas affected by El Niño.
The deadline for application in Cebu is May 31, and for the rest of the areas, June 4. In Iloilo City, which was earlier declared under a state of emergency, loan applications were accepted until May 20.
Active members who are working or residing in the calamity-declared areas and are borrowing for the first time may apply for a Php20,000 loan. Those with existing emergency loan may borrow up to Php40,000, from which the outstanding balance will be deducted.
They are qualified to apply for the loan if they are not on leave of absence without pay and have no arrears in paying premium contributions and loans in the last six months.
Emergency loan carries a 6 percent interest rate per annum computed in advance and is payable in 36 equal monthly instalments. It is covered by a loan redemption insurance, which deems the loan fully paid in case of the borrower’s demise provided the loan repayment is up to date.
Active members may apply through any GSIS Wireless Automated Processing System (GWAPS) kiosk located in all GSIS branch and extension offices; provincial capitols; city halls; selected municipal offices; large government agencies such as the Department of Education; Robinsons Malls; and selected SM City branches in North Edsa, Manila, Pampanga, Cebu, and SM Aura in Taguig.
Old-age pensioners are required to apply in person in the nearest GSIS branch for the Php20,000 loan. If they have been reemployed in government service, they may borrow only once.
For inquiries, members and pensioners may call the GSIS Contact Center at 847-4747; email [email protected]; or visit the GSIS website, www.gsis.gov.ph.
Feb 19, 2016 0
Nov 18, 2015 0