GSIS offers emergency loan for calamity-hit Mindanao, Laguna areas

Manila: Members and pensioners of the Government Service Insurance System (GSIS) in calamity-hit areas in Mindanao and Laguna can now apply for emergency loan. This, after the towns of Pikit and Kabacan in Cotabato declared state of calamity following Typhoons Butchoy and Carina, as well as Kabasalan, Zamboanga Sibugay which was flooded due to heavy rainfall. Meanwhile, Famy town in Laguna also declared a state of calamity after being struck by Severe Tropical Storm Enteng. The state workers' pension fund said it has allotted nearly PHP158 million that will be accessible for its 5,777 active members and pensioners residing or working in the three calamity-hit areas. "Members and pensioners with existing emergency loan balances may borrow up to PHP40,000 to enable them to pay their previous loans and receive a maximum net amount of PHP20,000. Those without existing emergency loans may apply for PHP20,000. The loan features a low interest rate of 6 percent per annum and a payment period of three years," GSI S said in a news release. To qualify for the emergency loan, GSIS said active members must not be on unpaid leave, have no pending administrative or legal cases, have no due and demandable loan, and have made at least six months premium payments before applying. The state workers' pension fund said net take-home pay should not be less than PHP5,000 as stipulated by the General Appropriations Act. For eligible old-age and disability pensioners, GSIS requires that they have a net monthly pension of at least 25 percent after deducting the loan amortization. The GSIS said the application deadline in the Mindanao areas is on Oct. 15, 2024; while the deadline in Famy, Laguna is on Dec. 15, 2024. Eligible members may apply online for the loan through the GSIS Touch mobile app. Source: Philippines News Agency