GSIS opens emergency loans for 2 Davao areas

Subscribe Now May 04, 2022 at 09:04am

THE Government Service Insurance System (GSIS) has set aside over P511 million for emergency loans to members in flood-hit areas in Davao del Norte and Montevista, Davao de Oro.

In a statement on Monday, the GSIS said the funds were available to active members as well as old-age and disability pensioners.

The loan window will remain open until May 7, 2022 for over 25,000 affected members and pensioners in the two areas, which have been placed under a state of calamity due to massive flooding caused by continuous heavy rains.

Active members and pensioners with existing emergency loans can borrow up to P40,000, said Rolando Ledesma Macasaet, GSIS president and general manager.

"For those who do not have an emergency loan, they can borrow up to P20,000," he added.

The loan can be paid in 36 equal monthly installments at 6-percent interest. It also comes with loan redemption insurance, which deems the loan fully paid in case of the borrower's demise and provided that payments are up to date.

To qualify, active members must be residing or working in the calamity areas, not be on leave of absence without pay, have no pending administrative case or criminal charge, have at least three monthly premium payments within the last six months prior to application and have a net take-home pay not lower than the amount required under the General Appropriations Act after all monthly obligations have been deducted.

Members with emergency loans that have been unpaid for six months or less (in arrears) or more than six months (already due and demandable) can apply for emergency loan renewal.

Old-age and disability pensioners residing in the two areas may also avail of the loan as long as their net monthly pension after the loan availment is at least 25 percent of their basic monthly pension.

Loan application may be filed through the GSIS Touch mobile app, Electronic GSIS Member Online facility or GSIS Wireless Automated Processing System kiosks; emailed to the GSIS handling branch; placed in drop boxes located in lobbies of GSIS offices; or submitted over the counter at any GSIS office.

Source: manilatimes.net



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