GSIS grants calamity loan for members hit by "Labuyo"
Date Posted: 2013-08-15 06:56:44
State pension fund Government Service Insurance System today announced that it will grant emergency loan assistance for members adversely affected by typhoon "Labuyo" after the National Disaster Risk Reduction and Management Council declared eight towns in Aurora (Baler, San Luis, Maria Aurora, Dipaculao, Casiguran, Dilasag, Dinalungan, and Dingalan), three towns in Zambales (Candelaria, Masinloc and Sta. Cruz) and the entire province of Quirino under a state of calamity.
"More than 10,000 of our members based in these calamity-declared areas are in dire need of assistance," President and General Manager Robert G. Vergara said.
Under the emergency loan program, eligible members may borrow Php20,000 payable in 36 equal monthly installments.
Members who may avail of the loan include active members working or residing in areas declared in a state of calamity; not on leave of absence without pay; have no arrearages in the payment of mandatory social insurance contributions; and have no loan that has been declared in default.
Qualified members may apply for an emergency loan beginning this Friday, August 16, through the GWAPS (GSIS Wireless Automated Processing System) kiosks using their eCard or their UMID eCard.
"The loans will be electronically credited to our members' accounts. They can draw down the loan through our kiosks which are available 24/7, so there's no need for them to go to our offices," PGM Vergara said.
The GSIS has 18 kiosks distributed across the calamity-declared areas located in provincial capitols, city halls, selected municipal offices, large government agencies such as the Department of Education, and GSIS branch offices.
Members who do not have an eCard but who are eligible to apply for the loan may apply over-the-counter (OTC) at any GSIS office. Proceeds of OTC applications will be credited to a temporary eCard which the GSIS continues to distribute.
If the loan proceeds are not credited within seven days from the date of application, members can go to the nearest GSIS office or the nearest kiosk for the status of their account.
The pension fund had relaxed last year, the terms of its emergency loan program, to make it more member-friendly.
"We reduced the interest rate to six percent from eight percent, waived the one percent service fee, and extended the payment of the first monthly amortization to three months from the loan drawdown," Vergara said.
For any question about the emergency loan program, members may call the GSIS hotline at (02) 847.4747 or visit the GSIS office nearest them.