Date Posted: November 12, 2013
State pension fund Government Service Insurance System today bared its assistance package for more than 300,000 members and pensioners adversely affected by typhoon Yolanda.
The pension fund is granting a six-month loan moratorium on all outstanding loans of its hardest-hit members to enable them to use the deferred payments on their GSIS loans for rebuilding their homes and other urgent needs.
Loans covered under the moratorium include consolidated loans, housing loans, policy loans, and eCash Advances. The loan moratorium will be extended from November 2013 to April 2014. The payment for existing loans of members will thus resume in May next year.
In addition, GSIS members residing or working within the declared calamity areas may also apply for the Php20,000 emergency loan in GSIS branch offices and through the GWAPS kiosks until December 31, 2013. GSIS will waive the requirement to pay 12 monthly amortizations before loan renewal for members with existing emergency loans.
For old-age pensioners living in calamity-declared areas, GSIS is opening a new pension emergency loan (PEL) window of Php20,000 with terms similar to the emergency loan for active members. As with the existing pension loan, a loan redemption insurance will be included.
Likewise, pensioners in hardest-hit areas will benefit from a six-month moratorium on their existing loans.
For more information on the emergency assistance program, members and pensioners may go to the nearest GSIS office, call the GSIS contact center at 847.4747.
Related article: GSIS Emergency Loans as of November 15, 2013