Metro Manila (CNN Philippines, June 22) — The Government Service Insurance System (GSIS) earmarked ₱1 billion for the emergency loan program for its members and pensioners affected by Mayon Volcano’s unrest.
GSIS President and General Manager Wick Veloso on Wednesday said the agency opened the emergency loan program and set aside the budget right after the local government of Albay declared the province a calamity area.
READ: Albay under state of calamity due to restive Mayon
The state workers’ pension fund said they are accepting applications for the emergency loan until July 18. Beneficiaries who are eligible to apply for the loan include:
– active members residing or working in the calamity area who are not on leave without pay
– members who have no pending administrative or criminal cases
– members who have a net take-home pay of at least ₱5,000 after all mandatory monthly deductions
– senior and disabled pensioners in Albay (if their net monthly pension, after a new loan is availed, is at least 25% of their basic monthly pension)
The GSIS said those who have an existing emergency loan balance may borrow up to ₱40,000 to pay off their previous loan balance and still take home a maximum net amount of ₱20,000.
Those without existing emergency loans may apply for a ₱20,000 loan.
The loan has a low interest rate of 6% and a three-year payment term.
With the redemption insurance feature, the loan balance will be deemed fully paid in the event of the borrower’s untimely death as long as payments are updated, the GSIS added.
Pensioners may apply for loan through the GSIS Wireless Automated Processing System kiosks located in all GSIS offices, Robinson’s malls, SM supermalls, and other government offices.
