MANILA, Philippines - The Government Service Insurance System (GSIS), has set aside P14.6 million in emergency loans for members in Agusan del Sur affected by flash floods.
GSIS president and general manager Robert Vergara said the emergency loans are meant to assist members in their rehabilitation and recovery efforts.
Flash floods hit Agusan in early January, affecting some 10,000 residents.
“GSIS has set aside P14.6 million in emergency loan for our members in La Paz, Agusan del Sur who were affected by flash floods caused by heavy rains in the area during the earlier part of the year,” Vergara said.
According to GSIS, members can apply for loans through the agency’s Emergency Loan Window. The period for granting the loans is from March 1 to April 2, 2012, it added.
There are at least 730 GSIS active members in La Paz, stationed in three government agencies. These are the Agusan Del Sur Division Office of the Department of Education, Municipal Government of La Paz and the La Paz National High School.
To further assist the members, Vergara said the GSIS Board approved a reduced interest rate on the loans.
“The GSIS Board has reduced the interest rate for the Emergency Loan from eight percent to six percent. We also removed the one percent service fee in the loan to make it more responsive to the needs of members especially during difficult times,” Vergara said.
Eligible members who may file for emergency loan include bona fide employees in agencies in the area.
Borrowers must also be in active service and not on leave of absence without pay, have no pending criminal or administrative charges and have no unpaid mandatory social insurance contributions.
On the other hand, members in delinquent agencies are not eligible to apply for the emergency loan.