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GSIS earmarks 11B in emergency loan for Lando-hit areas

Date Posted: October 22, 2015
Loan window to be opened in Pangasinan, Nueva Ecija and Aurora on Oct 23

The Government Service Insurance System (GSIS) announced today that the pension fund allotted Php11 billion in emergency loan for more than 340,000 active members and 58,000 old-age pensioners affected by typhoon Lando in calamity areas in Northern Luzon.

“The GSIS emergency loan will be opened on October 23 to members and pensioners in the provinces of Aurora, Nueva Ecija and Pangasinan which have been declared as calamity areas by their respective provincial councils. For the coverage of other Lando-hit provinces in North Luzon in the loan program , the GSIS branch managers in Baguio, Bataan, Bayombong, Bulacan, Cauayan, La Union, Laoag, Pampanga, Tarlac and Tuguegarao are actively coordinating with local government units on the issuance of similar resolutions,” GSIS President and General Manager Robert G. Vergara said.

The GSIS emergency loan will be opened to members and pensioners in Aurora, Nueva Ecija and Pangasinan until November 22, 2015.

The GSIS emergency loan package consists of an increased credit limit of Php40,000 for borrowers who have outstanding balance in their existing emergency loan and Php20,000 for first-time borrowers and pensioners.

Qualified to avail of the emergency loan are active members who are either residing or working in calamity-declared areas in Northern Luzon; not on leave of absence without pay; have no arrears in the payment of mandatory monthly contributions; and have no loans declared in default. Also qualified are pensioners who are residents of areas declared as under a state of calamity.

“There are more than 148,000 active members in Northern Luzon who may avail of the P40,000 loan, while 192,000 active members and 58,000 pensioners are qualified to avail of the P20,000 loan,” the pension fund chief explained.

The loan has a 6 percent interest rate per annum and is payable in three years or 36 monthly installments. The loan is also covered by a loan redemption insurance which deems the loan fully paid in case of the demise of the borrower.

Active members may apply using their GSIS eCard or their unified multipurpose identification (UMID) card through the GSIS Wireless Automated Processing System (GWAPS) kiosks located in GSIS offices, provincial capitols, city halls, selected municipal offices, large government agencies such as the Department of Education, and selected Robinsons Malls and SM Supermalls.

Pensioners need to personally apply in the GSIS offices in the calamity areas and fill out an application form.

Loan proceeds are electronically credited to the borrower’s GSIS eCard or unified multipurpose identification (UMID) card.

“Those who have been affected by Typhoon Lando but are not qualified to avail of the emergency loan may borrow from other GSIS loan windows such as the policy loan or the Enhanced Consoloan Plus where members may borrow a maximum amount equivalent to 14 times their monthly salary depending on their paid premiums remitted to the GSIS,” Vergara explained.

He added that affected pensioners may avail of the GSIS pension loan where they could take out a loan of up to six times their monthly pension, depending on their age.

For more information on the emergency loan program, members and pensioners may call the GSIS Contact Center at 847-47-47 or visit its website at www.gsis.gov.ph.