MANILA, Philippines - State-run pension fund manager Government Service Insurance System (GSIS) has earmarked P164 million in emergency loans to government workers affected by the destructive earthquake in Negros Oriental.
GSIS president and general manager Robert Vergara said in a statement that more than 8,000 members in Negros Oriental are expected to benefit from the emergency loan program.
He explained that qualified members in Negros Oriental could avail of the P20, 000 emergency loan from Feb. 8 to March 9 in any of the 11 GSIS kiosk deployed throughout the province, using either their UMID card or temporary card.
The kiosks are located in the following areas: Provincial Capitol; Department of Education-Capitol Area; GSIS Dumaguete Office; Bayawan City hall; Bais City hall; Guinhulngan City hall; Kanlaon City hall; Tanjay City hall; and Siaton City hall.
Members who do not have a UMID card but who are eligible to apply for the loan can apply over-the-counter (OTC) at the GSIS Dumaguete branch office.
Those who can avail of the loan are the following: bona fide employees of the agency located in the calamity area or residents of the calamity area; in active service and 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; and have no loan that has been declared in default.
Also, the agency of the member-applicant must not be suspended because of non-payment and non-remittance of premiums and loans.
The pension fund has reduced the interest rate for its emergency loan from eight percent to six percent and would no longer charge a one percent service fee for the loan. It has also extended the payment of the first amortization from one month to three months.
“This is part of the current effort of the board and management to make our policies and programs more responsive to our members, particularly in times of adversity,” Vergara said.