GSIS: Over P1.5B in emergency loans released to calamity-hit members, pensioners
In a statement, GSIS said the emergency loan was provided as an immediate financial relief to states workers and pensioners hit by the calamities.
The over P1.5-billion in funds released have benefited more than 44,000 emergency loan applications from active members and pensioners, according to the pension fund.
'As soon as the loan window opened, thousands of our members and pensioners turned to GSIS for help. This reflects how deeply the recent calamities have affected their lives and how urgently they need support.' said GSIS officer-in-charge Juliet Bautista.
GSIS' emergency loan program offers a one-time loan of up to P40,000 for active members and P20,000 for pensioners.
It carries a 6% interest rate per annum, computed in advance, and is payable in 36 equal monthly installments.
The loan is also covered by Loan Redemption Insurance, meaning that in the event of the borrower's untimely death, the loan will be considered fully paid provided repayments are up to date.
"We want our members to know they are not alone in recovering from the impact of recent storms. GSIS is here to extend support where it matters most,' said Bautista.
The emergency loan can tapped by GSIS members whose residence or place of work is in a declared calamity area.
Pensioners who live in the said areas may also avail of the loan.
Loan availment periods vary depending on the date of the declaration and the submission of documentary requirements by the concerned local government units, according to GSIS.
The pension fund said the emergency loan is open until August 15 in the province of Siquijor; until August 23 in Calumpit, Bulacan and Umingan, Pangasinan; from July 24 to October 23 in Cavite, Manila, and Quezon City; from July 25 to October 24 in Malabon, Marikina, Las Piñas, Navotas, Valenzuela, Roxas in Palawan, Agoncillo in Batangas, Balagtas in Bulacan, Malasiqui in Pangasinan, Bataan, Pampanga, and Dagupan City; from July 26 to August 25 in Mangaldan and Mangatarem in Pangasinan; from July 26 to October 24 in the province of Rizal; from July 26 to October 25 in Caloocan; from July 27 to October 26 in Muntinlupa; from July 29 to August 28 in the municipalities of Moncada and Paniqui in Tarlac, Anda and Lingayen in Pangasinan, Provinces of La Union and Laguna, and City of San Carlos, Pangasinan.
The list of covered areas is continuously updated as more localities are declared calamity areas, GSIS said. — Ted Cordero/RSJ, GMA Integrated News
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