GSIS releases P13.9-B aid for Yolanda-hit members

MANILA, Philippines - The Government Service Insurance System said more than 200,000 members and pensioners affected by Super Typhoon Yolanda received a combined P13.9 billion worth of financial aid from November 2013 to May 8 this year.

The financial assistance was in the form of an increased credit limit for emergency loan from P20,000 to P40,000  for members with outstanding loan balance and a waiver of the payment of 12 monthly amortizations prior to renewal.

The state pension fund  offered an automatic six-month deferment of all loan payments without interest and penalties under the loan moratorium program. 

This covers all members and pensioners either living or working in the 126 areas worst hit by Yolanda. 

Also included in the financial package is a one-time special loan program called the Home Emergency Loan Program or HELP, under which members based in the 138 areas may borrow P30,000 to P200,000 depending on their total length of service.

GSIS president and general manager Robert Vergara said this was in response to President Aquino’s call for government financial institutions to extend whatever assistance they could to aid in the recovery efforts of the government.

Just last week, the pension fund approved the extension of HELP to October and further expanded its coverage to include an additional 34 areas, bringing the total number to 172, consistent with the list of the National Disaster Risk Reduction Management Council.

Of the total releases, HELP, which grossed P9.1 billion for the period covered, accounted for 66 percent of the total pay-outs; emergency loans at P4.7 billion, representing 34 percent.