Date Posted: November 19, 2014
Government Service Insurance System (GSIS) President and General Manager Robert G. Vergara announced that the pension fund is offering an emergency loan to 19,797 members in Mindanao areas that were declared under a state of calamity due to floods and an earthquake in September.
Active GSIS members who are working or residing in the province of Maguindanao and four municipalities of Cotabato – the flood-affected Mlang, Pikit, and Tulunan, and the quake-hit Makilala – are qualified to apply.
To avail of the loan, borrowers should not be on leave of absence without pay, have no arrears in paying mandatory monthly contributions, and have no loans that are unpaid .
“Because natural calamities may strike more than once, we have doubled the maximum loanable amount from P20,000 to P40,000 for our 9,447 members who may want to renew their emergency loan. This enables them to take home bigger loan proceeds,” said Vergara.
He said under the Enhanced Emergency Loan Program, the GSIS also removed the 12-monthly-amortization requirement for loan renewal.
The remaining 10,350 qualified members, who have no existing emergency loan, may borrow up to P20,000.
The loan, which carries a 6% interest per annum, is payable in 36 monthly installments. The first loan amortization is deducted from the borrower’s salary three months after the loan was granted.
Interested members may apply 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. The loan is electronically credited to the borrower’s GSIS eCard.
GSIS accepts applications until December 3, 2014.
The GSIS has allotted a total of P15 billion for the Emergency Loan Program this year.
Inquiries on the Emergency Loan Program may be directed to the GSIS Contact Center at 847.4747.