THE Government Service Insurance System (GSIS) will offer emergency loans to active members and pensioners affected by Tropical Cyclone Maymay and the southwest monsoon or "habagat."
Joseph Philip Andres, executive vice president of GSIS, said the loan aims to provide immediate financial relief to government workers and retirees whose places of work or residence have been declared under a state of calamity by their respective local government units (LGUs).
"For our existing members who have existing loans, they can apply for a loan up to P40,000," Andres said in Filipino.
First-time borrowers under the guidelines can avail of an emergency loan of P20,000.
Members who already have unpaid emergency loans may apply for a loan of up to P40,000, which will be used to pay their outstanding balance but still receive at least P20,000 as net proceeds.
For areas not declared under a state of calamity, the GSIS said members can avail themselves of other packages.
“The province of Cavite was able to declare a state of calamity because of the monsoon rains. We are expecting other local government units to follow suit because of the incidents; they might be afraid that it is taking time for them to mobilize and to come up with a formal resolution within their jurisdictions,” he explained.
“We have other loan packages that can be availed by our members, but this is a special help because they were hit by an emergency,” he added.
The loan carries a low interest rate of 6 percent per annum, payable in 36 monthly installments over a three-year period.
Qualified borrowers can apply online via the GSIS Touch mobile application. Once approved, loan proceeds will be credited directly to the borrower's LandBank or UnionBank account in one to three banking days.
Onsite assistance at GSIS branch offices will remain available for members facing internet or power outages.
