Metro Manila (CNN Philippines, September 1) — The chief of the Government Service Insurance System said some ₱15 billion in cash loans have been released to members since the COVID-19 crisis began, and other programs are in store to help people through the pandemic.
“The emergency loans were launched around mid-April, simula po nung pandemic. Inuna ko po itong emergency loans and members could apply up to ₱40,000 each,” GSIS President and General Manager Rolando Macasaet said Tuesday at the Laging Handa briefing. “Up to August 12, ang umutang po — if I’m not mistaken — about ₱15 billion po ang narelease ng GSIS under the emergency loan program.”
“[Translation: The emergency loans were launched around mid-April, since the pandemic started. I prioritized the emergency loans and members could apply up to ₱40,000 each. Up to August 12, those who have availed of the loan — if I’m not mistaken — about ₱15 billion has been released by the GSIS under the emergency loan program]
The program was initially supposed to end on July 12, but was extended to September 10.
Macasaet said GSIS would also be launching three other programs to help members during the pandemic.
One of them is a ₱30,000 loan to help teachers and other members buy computers for online learning. The loan is payable over three years or less than P1,000 a month in amortization at 6 % interest per year.
Another program is an educational loan of up to ₱100,000 a year for 10 years for tuition and expenses of members’ children or nephews and nieces. Payment for the study now-pay later loan, which has a five-year grace period, will start on the 6th year, which means nothing need be paid back while the children are in school, Macasaet said. As condition, the borrower has to have been a member of GSIS for at least five years, he said, adding that those who have been members for 15 years and are entitled to a pension will not be prioritized.
Macasaet also said the educational loan has been approved by the GSIS board, but there were other legal requirements that need to be met before its release.
“Hopefully, by the end of the month, I will be able to implement this. Applications can be done online, and the funds will be payable to the schools. The proceeds of the loans will go to the schools para mas sigurado kami na yung pera ginagamit sa tamang paraan talaga [so we can be sure the money is being used properly],” he said.
Meanwhile, the GSIS Financial Assistance Program allows loans of up to ₱500,000 with a six percent interest per annum.
Macasaet says this program was suspended in March and resumed in August. Applications can be sent online or by drop box, and the GSIS will process these.
Macasaet says they have also launched financial literacy programs to help loan beneficiaries once they receive aid.
The GSIS also reminded pensioners that in the light of the pandemic, they have temporarily deferred the “proof of life” scheme until the end of the year, and this will not stop pensioners from receiving their pensions. Under its revalidation program, the GSIS requires pensioners to show proof of life by appearing personally at any GSIS office or use the GSIS Wireless Automated Processing System (GWAPS) kiosk to activate their status.
By January 2021, GSIS employees will make the necessary arrangements to confirm proof of life among pensioners, Macasaet said.
