GSIS earmarks Php1.6-B in emergency loan for Agaton-hit members, pensioners

Home Media Center Press Releases GSIS earmarks Php1.6-B in emergency loan for Agaton-hit members, pensioners

Date Posted: February 20, 2014

State pension fund Government Service Insurance System today announced that the pension fund budgeted Php1.6 billion in emergency loans for more than 73,000 active members and nearly 12,000 old-age pensioners affected by typhoon Agaton in Northern Mindanao, Caraga and Davao Region.

“For active members, we opened a special emergency loan package with an increased credit limit of up to Php40,000 and a waiver of the requirement to pay 12 monthly amortizations before renewing the loan, ” President and General Manager Robert G. Vergara said.

He said that for old-age pensioners, GSIS is also offering a Pensioners’ Emergency Loan (PEL) window of Php20,000 with terms similar to the emergency loan for active members. PEL was first offered to GSIS pensioners hit by Yolanda.

Qualified to avail of the increased emergency loan limit and the waiver of the 12-monthly amortization requirement are active members who have an outstanding balance in their existing emergency loan, and who are either residing or working in Agusan del Norte, Agusan del Sur, Compostela Valley, and the municipalities of Asuncion, Carmen, Kapalong, New Corella and Tagum City in Davao del Norte, Davao Oriental, Lanao del Norte, Surigao del Norte and Surigao del Sur.

“Almost 50% of active GSIS members hit by Agaton have already availed of the emergency loan and moratorium on loan payments for Typhoon Pablo granted in December 2012, and would not qualify for a renewal as they have paid less than the required 12 monthly loan payments,” the pension fund chief explained.

Vergara said the increased credit limit will enable GSIS members to take home a bigger loan amount even with the deduction of the balance in their previous emergency loan from the renewal proceeds.

In addition, members residing or working in the affected areas who have no balance in their previous emergency loan accounts may avail themselves of the regular Php20,000 loan.

Also, qualified are those not on leave of absence without pay; have no arrears in the payment of mandatory monthly contributions; and have no loans declared in default.

GSIS will accept loan applications until March 9 in any GSIS branch office either through its file anywhere policy or through the GSIS Wireless Automated Processing System (GWAPS) kiosk using their GSIS eCard or their unified multipurpose identification (UMID)-compliant eCard.

Loan application forms are available at GSIS offices. Members may also submit their loan applications over the counter at the nearest GSIS office.

“Our branch offices in Butuan, Iligan, Surigao, and Tagum will remain open during weekends to serve our members and pensioners,” Vergara said.

For more information on the emergency loan program, members may visit the nearest GSIS office or call the GSIS contact center at 847-47-47.