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GSIS grants emergency loan to members in Bulacan and Bacoor

Eligible members of the Government Service Insurance System (GSIS)  residing and/or working in the province of Bulacan; in Bacoor, Cavite; and Agno, Pangasinan who were severely affected by typhoon “Falcon” can still apply for emergency loans until September 24, Saturday, according to  Robert G. Vergara, President and General Manager.

“Members can apply through the GWAPS kiosk using either their eCard or their UMID eCard.   Those who do not have these cards but who are eligible to apply for the loan can apply over-the-counter (OTC),”  Vergara said.

Proceeds of emergency loan applications filed via OTC will be credited to a temporary eCard which the GSIS has begun to issue for members without the eCard Plus or the UMID eCard.

Under the emergency loan program, each eligible member can borrow up to Php20,000. The loan program carries an interest rate of eight percent yearly payable in three years in equal monthly installments.

Member-borrowers with outstanding emergency loans shall be allowed to renew the loan if the borrower has paid at least 12 monthly installments but not earlier than the anniversary date of the previous loan.

Any outstanding balance of previous Emergency Loan shall be deducted from the proceeds.

Members who can avail of the loan are the following:  bona fide employees of the agency located in the declared calamity area or are resident of the declared calamity area; 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.

Also, the agency of the member-applicant must not be suspended because of non-payment and non-remittance of premiums and loans.

As of July 2011, the pension fund has released a total of Php P910.1 million in emergency loans for 45,505 members who were adversely affected by recent typhoons and flash floods.