MANILA, Philippines - Members of the Government Service Insurance System (GSIS) who availed of the Home Emergency Loan Program (HELP) now have until November this year to pay their first monthly amortization.
The GSIS extended the grace period for the payment of amortization by an additional four months to allow members hit by Super Typhoon Yolanda to fully recover from the damage.
Borrowers were originally scheduled to start paying their first monthly amortization next month.
HELP is a one-time special loan of up to P200,000 to rebuild the homes of members who are either living or working in the 126 areas that were hardest hit by Yolanda.
“We hope that the deferment of the collection due date under HELP will enable our members in Yolanda-hit areas to focus their resources in rebuilding their homes and going back to their normal lives, “ GSIS president Robert Vergara said.
Earlier, GSIS similarly extended a moratorium on all loans of members and pensioners in Yolanda-hit areas until October 2014.
The GSIS opened the HELP window in January this year to assist Yolanda victims rebuild their homes destroyed by the calamity. Under the program, members working or residing in areas hard-hit by Yolanda may apply for a loan based on their total length of service in the government.
Members 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. In addition, those who have been in the service for less than five years may obtain a maximum loan of P30,000.