Date Posted: August 11, 2014
Government Service Insurance System (GSIS) President and General Manager Robert G. Vergara announced today that the pension fund has opened a Php20,000 pension emergency loan (PEL) window to old-age pensioners living in areas devastated by typhoon Glenda.
“More than 37,000 pensioners in the 21 calamity-declared areas may now apply over-the-counter for the emergency loan program until September 4, 2014,” Vergara said.
“GSIS opened the loan to pensioners hit by typhoon Glenda as they are not spared from the damages wrought by the typhoon.”
Pensioners may apply for the loan over-the-counter in GSIS offices. They should bring their eCard and another government-issued ID as well as a photocopy of both in applying for the loan.
The proceeds of the loan will be credited to the pensioners’ eCard or UMID card account.
PEL is payable in three years and carries a 6% interest rate.
The loan is also covered by a loan redemption insurance that waives the outstanding balance of the loan in case of the death of the borrower.
For the first seven months of the year, GSIS has already released a total of Php1.7 billion in emergency loans covering more than 51,000 members and pensioners. The governing board also approved to augment the 2014 budget under the program by another Php10 billion.
For inquiries on the emergency loan program, pensioners may call the GSIS contact center at 847.4747.