Date Posted: October 10, 2014
Government Service Insurance System (GSIS) President and General Manager Robert G. Vergara announced that the pension fund opened its emergency loan window with a maximum credit limit of P40,000 to members affected by typhoons Luis and Mario that devastated several areas in mid-September.
Qualified to apply for emergency loan are active GSIS members who are working or residing in calamity-declared areas. So far, the areas declared under a state of calamity are Marikina, Cainta, Ilocos Norte, Ilocos Sur, Pangasinan; Meycauayan City and Calumpit in Bulacan.
“Our members often suffer the ill-effects of not just one but several calamities that visit our country during the year. To help them cope, we enhanced the terms of our emergency loan. Those who have existing emergency loan may now borrow up to P40,000,” Vergara said.
Vergara explained that the GSIS doubled the amount of the maximum credit limit for members who have existing emergency loan in order for them to take home a bigger amount. Moreover, the GSIS waived the 12- monthly amortization requirement for emergency loan renewal. For members with no emergency loan yet, they may borrow up to P20,000.
A total of 40,560 members are expected to apply for the program. The deadline of application for members in Marikina and Cainta is October 28, 2014. In Ilocos Sur, GSIS will accept applications until November 7, 2014. In the other calamity-declared areas, applications will be accepted until October 31, 2014.
The emergency loan bears a 6% interest per annum payable in 36 monthly installments. The first amortization for the loan is deducted from the borrower’s salary three months after the loan was granted.
Borrowers should not be on leave of absence without pay; have no arrears in the payment of mandatory monthly contributions; and have no loans that are declared in default.
Interested members may apply through the GSIS Wireless Automated Processing System (GWAPS) kiosks 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.
The GSIS has allotted a total of P15 billion for the program this year. As of September, it has released almost P4 billion in emergency loan from the total budget.
For inquiries on the enhanced emergency loan program, members may call the GSIS contact center at 847.4747.