The Government Service Insurance System (GSIS) allotted P2.2 billion in emergency loan for its members and pensioners hit by typhoon Nina in Catanduanes, Albay, and Camarines Sur.
A total of 62,339 active members and 11,115 old-age pensioners from the said areas stand to benefit from the loan window.
Application deadline for the loan is until February 2, 2017.
Qualified to apply for the loan are active members residing or working in the areas, not on leave of absence without pay, have no arrears in paying premium contributions, and have no unpaid loans for more than six months.
Members who are availing of the loan for the first time may apply for a Php20,000 emergency loan, while those with loan balance may borrow Php40,000.
The loan is payable in 36 equal monthly instalments at 6 percent interest rate per annum computed in advance. 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 may borrow Php20,000. They may apply at the nearest GSIS branch office. Pensioners who are also active members (after reentering government service) may apply for the loan only once.
Loan proceeds are electronically credited to the borrower’s GSIS electronic card (eCard) or Unified Multipurpose Identification (UMID) card.