GSIS offers emergency loans to earthquake victims

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The state-run Government Services Insurance System (GSIS) also announced Wednesday that it will provide emergency loans to help members and retirees who reside or work in quake-affected areas.

GSIS President and CEO Wick Veloso said he had allocated 5.4 billion pesos to the emergency loan program this year.

“We will ensure that our members and pensioners receive financial assistance, through our emergency loan, to help them through the crisis. We are also in contact with all public entities affected by the earthquake to verify if there are any damaged government properties that could claim insurance from GSIS,” Veloso said.

GSIS members with existing emergency loan balances can borrow up to P40,000 to repay their previous emergency loan balance and still receive a maximum net amount of P20,000. from existing emergency loans as well as retirees can apply for the P20,000 loan.

Active members residing or working, as well as old age and disability pensioners residing in the affected areas of North Luzon can apply for the loan after they have been declared in a state of calamity.

The GSIS emergency loan is repayable in 36 equal monthly installments at a pre-calculated interest rate of 6%. It is also covered by credit repurchase insurance, which considers the loan fully repaid in the event of the death of the borrower, provided that the repayment of the loan is up to date.

Qualified to apply are members who are on active duty and not on leave without pay; have at least three months of premiums paid in the last six months; have no pending administrative or criminal cases and have a net salary of at least 5,000 pula after deduction of all required monthly obligations.

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