GSIS Offers Emergency Loan To Members And Pensioners Affected By “Odette”

GSIS offered an emergency loan to its members and pensioners who were affected by typhoon “Odette”.

GSIS — The Government Service Insurance System was offering an emergency loan to its members and pensioners who were affected by typhoon “Odette”.

Photo source: CNN Philippines

GSIS President and General Manager Rolando Ledesma Macasaet said that he knew GSIS members and pensioners needed financial assistance and so they immediately opened an emergency loan in order to help them.

Members residing or working, as well as old-age and disability pensioners residing, in MIMAROPA (Mindoro, Marinduque, Romblon, and Palawan), Western Visayas (Region VI), Central Visayas (Region VII), Eastern Visayas (Region VIII), Northern Mindanao (Region X), and CARAGA were qualified to apply for the emergency loan.

Qualified loan borrowers with an existing emergency loan may borrow up to PHP 40,000 to pay off their previous emergency loan balance and still receive a maximum net amount of PHP 20,000, while those without an existing emergency loan may apply for PHP 20,000.

Photo source: Manila Bulletin

The emergency loan was payable in 36 equal monthly installments at a 6% interest rate computed in advance and covered by a loan redemption insurance, which deemed the loan fully paid in case of borrower’s demise, provided that loan payment was up to date.

According to GSIS, qualified to apply were members who were inactive service and not on leave of absence without pay; have a take-home pay of not lower than PHP 5,000 after all required monthly obligations have been deducted; and have no pending administrative or criminal case.

GSIS members who have due and demandable loan accounts were allowed to renew their previous emergency loan from a different calamity. Members with at least 3 months of paid premiums within the last 6 months prior to the application date may already apply.

READ ALSO: SSS To Offer Calamity Assistance Package To “Odette” Victims

Disability and old-age pensioners, meanwhile, may apply for the loan if their resulting net monthly pension after loan availment was at least 25 percent of their basic monthly pension.

Active GSIS members may apply their loan applications through GWAPS (GSIS Wireless Automated Processing System) kiosks located in all GSIS offices, Department of Education (DepEd) offices, municipal offices, city halls, provincial capitols, Robinson Malls, and selected SM Supermalls.

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