Metro Manila (CNN Philippines, August 4) — The Government Service Insurance System (GSIS) announced it will open on Aug. 5 its emergency loan program for members and pensioners in Abra who were affected by last week’s magnitude 7 earthquake.
The GSIS on Thursday said nearly 7,000 members in the province, which was placed under a state of calamity, are eligible to apply for the financial assistance until Sept. 4.
It said those without an existing emergency loan may borrow up to ₱20,000.
Meanwhile, those with unpaid emergency loans may borrow up to ₱40,000 to settle their previous balance and still receive a maximum net amount of ₱20,000.
The loan will be directly credited to the borrower’s Unified Multi-Purpose Identification (UMID) card or temporary eCard Plus account. It will be payable in equal monthly installments for 36 months, with a 6% interest rate computed in advance.
Under the state-run pension fund, qualified applicants are members who are in active service and not on leave of absence without pay; have at least three months of paid premiums within the last six months; have no pending administrative or criminal case; and have a net take-home pay of not lower than ₱5,000 after all required monthly obligations have been deducted.
The GSIS added it is ready to open the loan program in other quake-hit areas in Northern Luzon once they are declared under a state of calamity.
