In anticipation of the impending arrival of Typhoon Betty (International name “Mawar”), state pension fund Government Service Insurance System (GSIS) President and General Manager Wick Veloso announced today that it is preparing its emergency loan program to assist members and pensioners nationwide who may be adversely affected by the upcoming typhoon.
PAGASA issued a warning that Typhoon Betty could trigger heavy rains, potentially causing flooding or rain-induced landslides in Northern Luzon starting late Sunday or early next week. ‘Betty’ is also forecasted to usher in monsoon rains across the western parts of Central Luzon, Southern Luzon, and Visayas from Sunday or Monday onward.
“We have specifically earmarked Php6 billion for our emergency loan budget this year to guarantee loan assistance to members and pensioners who need help during calamities,“ Veloso said.
Under the loan, members who have existing emergency loan balance may borrow up to Php40,000 to pay off their previous emergency loan balance and still receive a maximum net amount of Php20,000. Those without existing emergency loan may apply for Php20,000. Pensioners are also eligible to apply for a loan of Php20,000.
The loan comes with a 6% interest rate and has a repayment period of three years. The loan also includes a redemption insurance feature, which ensures that the balance will be deemed fully paid in the event of the borrower’s death, as long as payments are up-to-date at the time.
Eligible applicants must be active members, not on unpaid leave, with a minimum of three months’ paid premiums within the last six months. They should have no pending administrative or criminal case and maintain a net take-home pay of at least Php5,000 after all mandatory monthly deductions.
Members who are unqualified for an emergency loan may apply under the Multi-purpose Loan (MPL) Plus which has a maximum loanable amount of Php5 million.
While pensioners have the alternative option to apply for the enhanced Pension Loan program, allowing them to borrow either up to six months’ worth of their pension or up to Php500,000.
For further details on the Emergency Loan program, members and pensioners may visit the GSIS website (www.gsis.gov.ph) or Facebook page (@gsis.ph); email email@example.com; or call the GSIS Contact Center at 8847-4747 (if in Metro Manila) or 1-800-8-847-4747 (for Globe and TM subscribers) or 1-800-10-847-4747 (for Smart, Sun, and Talk ‘N Text subscribers).