Date Posted: May 15, 2014
More than 200,000 Yolanda-hit members and pensioners benefited from the emergency financial assistance package of the Government Service Insurance System with total disbursements grossing Php13.9 billion from November 2013 to May 8, 2014.
“GSIS answered the President’s call for government financial institutions to extend whatever assistance they could to aid in the recovery efforts of the government,” President and General Manager Robert Vergara said.
The package includes the grant of an increased credit limit for emergency loan from Php20,000 to Php40,000 for members with outstanding loan balance and a waiver of the payment of 12 monthly amortizations prior to renewal.
For the first time, GSIS extended as well, a Php20,000 pensioners’ emergency loan, “as calamities strike anyone whether pensioner or active member.”
The System also offered an automatic six-month deferment of all loan payments without interest and penalties under the Loan Moratorium Program. This covers all members and pensioners either living or working in the 126 areas worst hit by Yolanda.
“Just last week, we announced the extension of the loan moratorium period from April to October 2014 as our members and pensioners have yet to fully recover from the damages of the super typhoon,” PGM Vergara said.
To further aid in the recovery effort, GSIS also offered a one-time special loan program called the Home Emergency Loan Program or HELP, under which members based in the 138 areas, may borrow from Php30,000 to Php200,000 depending on their total length of service.
On Thursday, GSIS likewise approved the extension of HELP to October and further expanded its coverage to include an additional 34 areas, bringing the total number to 172, consistent with the list of the National Disaster Risk Reduction Management Council.
Of the total releases, HELP, which grossed Php9.1 billion for the period covered, accounted for 66% of the total pay-outs; emergency loans at Php4.7 billion accounted for 34%.
For more information on the loan moratorium program and HELP, members and pensioners may either go to the nearest GSIS office or call the GSIS contact center at 847.4747.