MANILA, Philippines - Government Service Insurance System (GSIS) members hit hard by Super Typhoon Yolanda may avail of loans amounting to as much as P200,000 under the state pension fund’s Home Emergency Loan Program (HELP).
HELP is a one-time special loan which allows Yolanda victims to rebuild their homes and resume productive livelihood and employment activities, GSIS said.
The loan will carry an interest of six percent and is payable in 10 years. The first monthly amortization of the loan will be in July 2014.
Under the program, members may apply for a loan based on their total length of service in the government. Those who have been in the government for 10 years or more may borrow a maximum amount of P200,000 while those who have been in the service for five years or more, but less than 10 years, may take out up to P100,000.
Those who have been in the service for less than five years, on the other hand, may obtain up to P30,000 worth of loans.
GSIS president Robert Vergara said the program is in response to President Aquino’s directive to all government agencies to extend the necessary financial support to Yolanda victims.
The agency will accept applications from January to March 2014 in any of its 56 branch and extension offices nationwide. An approval from the members’ agency authorized officer (AAO) will be required by the pension fund before processing the loan.
The program may be availed only once and is not subject to renewal, the GSIS said.
Aside from HELP, other programs offered by the GSIS to help alleviate the plight of Yolanda survivors include the grant of a six-month loan moratorium for members and pensioners living or working in worst-hit areas; an enhanced emergency loan with higher credit limit of P40,000 for members with outstanding emergency loan balance; and for the first time, a pensioners’ emergency loan of P20,000.