P20,000 emergency loan available for affected GSIS members

MANILA, Philippines – The board of state pension fund Government Service Insurance System (GSIS) said has allocated P10 billion in emergency loans, reduced the interest rates and relaxed terms for eligible members who will avail after being adversely affected by Typhoon Gener and the ensuring floods due to the southwest monsoon.

Under the emergency loan program, eligible members may borrow P20,000 each, payable in 36 equal monthly installments, the pension fund said in a statement on Thursday, August 9.

“We reduced the interest rate to 6% percent from 8%, waived the 1% service fee, and extended the payment of the first monthly amortization to 3 months from the loan drawdown,” President and General Manager Robert G. Vergara said.

“More than half a million of our members based in the calamity-declared areas are in dire need of assistance,” Vergara added.

Based on the latest declaration of the National Disaster Risk Reduction and Management Council, the following areas are under a state of calamity: National Capital Region,  Cavite, Rizal, Pampanga, Tarlac, Bataan, Zambales, Bulacan and Laguna.

Members who may  avail of the loan must be

• active members working or residing in areas declared in a state of calamity
• not on leave of absence without pay
• have no pending criminal or administrative charges
• have no arrearages in the payment of mandatory social insurance contributions
• have no loan that has been declared in default
• employed by agency of not suspended because of non-payment and non-remittance of premiums and loans

Qualified members may apply for an emergency loan through the GWAPS (GSIS Wireless Automated Processing System) kiosks using their eCard or their UMID eCard.

“The loans will be electronically credited to our members’ accounts. They can draw down the loan through our kiosks, so there’s no need for them to go to our offices,” Vergara said.

The GSIS has 100 stand-up kiosks distributed across the calamity-declared areas and will add 16 kiosks in its Pasay City Head Office.  “These are located in city and municipal halls, provincial capitols, selected agencies, GSIS offices, and Robinsons Malls.”

Members who do not have an eCard but who are eligible to apply for the loan can apply  over-the-counter (OTC) at any GSIS office. Proceeds of OTC applications will be credited to a temporary eCard which the GSIS continues to distribute. – Rappler.com

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