The Government Service Insurance System (GSIS) today announced it is also extending its emergency loan program to eligible members residing and/or working in the province of Bukidnon municipalities of Mawag and Pantukan in Compostela Valley, Matungao and Tubod in Lanao del Norte, and Sto. Tomas, Davao Del Norte.
This is in light of Tropical Storm “Sendong” which severely devastated various provinces, municipalities, and cities in Northern Mindanao, leaving over a thousand people dead and others homeless.
President Benigno Aquino III has already declared a state of national calamity due to the devastation.
The GSIS said eligible members working and/or residing in the province of Bukidnon can file their emergency loan application from 26 December 2011 to 25 January 2012.
Meanwhile, eligible members working and/or residing in Mawag and Pantukan in Compostela Valley, Matungao and Tubod in Lanao del Norte, and Sto. Tomas, Davao Del Norte can apply for an emergency loan from 27 December 2011 to 26 January 2012.
Apart from the above, eligible members residing and/or working in the following areas can file for an emergency loan from 21 December 2011 to 20 January 2012: provinces of Misamis Oriental and Negros Oriental, municipalities and cities of Dipolog, Zamboanga Del Norte; Polanco, Zamboanga Del Norte; Ozamis, Misamis Occidental; Clarin, Misamis Occidental; Asuncion, Davao Del Norte; Tagbina, Surigao Del Sur; Hinatuan, Surigao Del Sur; Bislig, Surigao Del Sur; Lingig, Surigao Del Sur; Talacogon, Agusan Del Sur; Valencia, Bukidnon; Nabunturan, Compostela Valley; Montevista, Compostela Valley; Compostela, Compostela Valley; New Bataan, Compostela Valley; Monkayo, Compostela Valley; Iligan, Lanao Del Norte; Bubong, Lanao Del Sur; and Kapai, Lanao Del Sur.
The GSIS said it is still considering other areas as requests come in.
Qualified members can apply for an emergency loan via the GWAPS kiosk using their eCard or their UMID eCard. The GSIS said members who do not have an eCard Plus or UMID eCard but who are eligible to apply for the loan can apply via over-the-counter (OTC).
Proceeds of emergency loan applications filed via OTC will be credited to a temporary eCard which the GSIS has begun to issue.
Under the emergency loan program, each eligible member can borrow P20,000. The loan program carries an interest rate of six percent (6%) per year computed in advance, and is payable in three years in equal monthly installment.
Member-borrowers with outstanding emergency loans shall be allowed to renew the loan if they have paid at least 12 monthly installments but not earlier than the anniversary date of the previous loan.
Members who can avail of the loan are bona fide employees of the agency located in the declared calamity area or are resident of the declared calamity area; are in active service and not on leave of absence without pay; have no pending criminal or administrative charges; have no arrearages in the payment of mandatory social insurance contributions; and have no loan that has been declared in default.
The agency of the member-applicant must not also be suspended because of non-payment and non-remittance of premiums and loans.