GSIS opens emergency loan to Glenda-hit members

Home Loans emergency loan GSIS opens emergency loan to Glenda-hit members

Date Posted: July 22, 2014

Areas eligible for Emergency Loan

State pension fund Government Service Insurance System is opening its Php20,000 emergency loan window to more than 102,000 members who either reside or work in areas devastated by typhoon Glenda and declared under a state of calamity by the National Disaster Risk Reduction and Management Council or the local government unit.

Members in Sorsogon, Albay, Camarines Sur, Bataan, Laguna and Obando, Bulacan may already apply for the loan, through the GSIS Wireless Automated Processing System (GWAPS) kiosks stationed 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 will be electronically credited to borrowers from three to seven working days. If the loan proceeds were not credited within seven days from the date of application, members may either go to the nearest GSIS office or the nearest kiosk for the status of their account.

Qualified to apply for the loan are GSIS active members who are not 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.

Those who have balance in their previous emergency loan should pay at least 12 monthly contributions to renew their loans.

GSIS allocates a budget of Php5 to 10 billion for emergency loans every year.

Anticipating that more typhoons are forthcoming for the rest of the year, President and General Manager Robert Vergara said “we will request the Board, an additional budget of Php10 billion, to cover the loan applications of members adversely hit by Glenda and to ensure sufficient funds for calamity-related assistance within the year.”

The pension fund chief also said that the System plans to offer a Php20,000 pension emergency loan for pensioners which was similarly offered during super typhoon Yolanda, as “typhoons don’t make a distinction as to whether you are an active member or pensioner”.

For the first seven months of the year, GSIS has already released a total of Php1.7 billion in emergency loans covering more than 51,000 members and pensioners.

For inquiries on the emergency loan program, members may call the GSIS contact center at 847.4747.