Date Posted: November 7, 2014
Government Service Insurance System (GSIS) President and General Manager Robert G. Vergara announced that the pension fund is now accepting emergency loan applications from members in two areas affected by flash floods in Mindanao last August and September.
Active GSIS members working or residing in the calamity-declared areas of Kiamba, Sarangani Province and Kidapawan City, Cotabato are eligible to apply. The deadline for application is on November 5, 2014.
“We have enhanced the emergency loan program for members as we cannot tell when and how often a calamity will strike”, Vergara said.
Vergara explained that for members with existing emergency loan, the GSIS raised the maximum loanable amount to P40,000 which is twice as much as the previous credit limit of P20,000. The increase in the loan ceiling will enable borrowers with outstanding balance in their emergency loan account to take home a considerable amount. Moreover, these members may now renew their emergency loan account even without paying the previously required 12-monthly amortization in their existing account. On the other hand, first-time emergency loan applicants may borrow up to P20,000.
To qualify, members must 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.
The emergency loan has 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.
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.
GSIS General Santos and Kidapawan Branch Offices are also open from Monday to Sunday from 8 a.m. to 5 p.m. to accept over-the-counter applications.
Approved loans will be electronically credited to the borrower’s GSIS eCard.
A total of 4,126 qualified GSIS members in Mindanao will benefit from the emergency loan program.
Emergency loan application for members affected by typhoons Luis and Mario in the National Capital and Luzon regions is also ongoing. The deadline in Marikina and Cainta is October 28, 2014; in Ilocos Norte, Pangasinan, Meycauayan City and Calumpit in Bulacan is October 31, 2014; and in Ilocos Sur, November 7, 2014.
For inquiries on the enhanced emergency loan program, members may call the GSIS contact center at 847.4747.