GOVERNMENT SERVICE Insurance System (GSIS) has allocated P514 million for its emergency loan program for 23,469 active members and old-age or disability pensioners in typhoon-hit areas in Luzon.
These include the provinces of Quirino, Apayao, and Aurora; and Santiago City and Cabagan town in Isabela, which were placed under state of calamity after being hit by typhoons Nika, Marce, Ofel and Pepito, the state pension fund said in a statement on Thursday.
GSIS members and pensioners in Quirino, Apayao, and Santiago City in Isabela have until Dec. 20 to apply for an emergency loan. Meanwhile, those in Aurora province and Cabagan town in Isabela have until Dec. 24.
“Qualified members without an existing emergency loan can borrow P20,000, while those with existing loan balance may apply up to P40,000, provided the net proceeds do not exceed P20,000,” GSIS said.
“The loan has a 6% interest rate, a three-year payment term, and redemption insurance coverage, which settles the loan balance in the event of the borrower’s death during the loan term, provided payments are up to date.”
Eligible members may apply for an emergency loan online via the GSIS Touch mobile app. — AMC Sy
