State workers’ pension fund Government Service Insurance System (GSIS) has allocated a total of P1.5-billion in emergency loans to aid members and pensioners in various provinces in Eastern Visayas which were declared calamity areas due to the increasing number of dengue cases.
In a statement on Friday, GSIS said the emergency loan program would benefit 34,739 members and pensioners in Eastern Visayas.
The pension fund said the program is intended to provide immediate financial assistance to Samar and Leyte (Ormoc City, Maasin City, and Kananga) who may be faced with unexpected medical expenses, loss of income due to illness, among others.
“To qualify for the emergency loan, active members must reside or work in calamity-declared areas, not on leave without pay, have no pending administrative or legal cases, no due and demandable loan, and made at least six monthly premium payments prior to applying,” GSIS said.
“Their net take-home pay must not be less than P5,000 as stipulated by the General Appropriations Act,” it added.
For old-age and disability pensioners, they must have at least 25% remaining from their pension after deductions for loan amortization to qualify.
“Members and pensioners with an existing emergency loan balance may borrow up to P40,000 to settle their previous loans, with a maximum net amount of P20,000,” the pension fund.
Meanwhile, those without existing balances may apply for a P20,000-loan.
The emergency loan offers an interest rate of 6% per annum, with a repayment period of three years.
“Qualified members and pensioners can apply for the loan online through the GSIS Touch mobile app,” it said.
“They may also submit their applications through the GSIS Wireless Automated Processing System (GWAPS) kiosks located in GSIS branches nationwide, major government offices such as the Department of Education, provincial capitols, city halls, municipal offices, and select Robinson’s and SM malls,” it added. — VDV, GMA Integrated News
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