MANILA, Philippines - The Government Service Insurance System (GSIS) has given members affected by flash floods in Mindanao until Nov. 5 to avail of the emergency loan program.
GSIS president and general manager Robert Vergara said active GSIS members working or residing in the calamity-declared areas of Kiamba, Sarangani province and Kidapawan City, Cotabato are eligible to apply.
“We have enhanced the emergency loan program for members as we cannot tell when and how often a calamity will strike,” Vergara said.
A total of 4,126 qualified GSIS members in Mindanao will benefit from the program.
Vergara explained that for members with existing emergency loan, the GSIS raised the maximum loanable amount to P40,000 which is twice as much as the previous credit limit of P20,000.
The increase in the loan ceiling will enable borrowers with outstanding balance in their emergency loan account to take home a considerable amount.
Apart from this, members may now renew their emergency loan account even without paying the previously required 12-monthly amortization in their existing account.
First-time emergency loan applicants, on the other hand, may borrow up to P20,000.
To qualify, members must not be on leave of absence without pay; have no arrears in the payment of mandatory monthly contributions; and have no loans that are declared in default.
The emergency loan has a six percent interest per annum payable in 36 monthly installments. The first amortization for the loan is deducted from the borrower’s salary three months after the loan was granted.
Interested members may apply through the GSIS Wireless Automated Processing System (GWAPS) kiosks in GSIS offices, provincial capitols, city halls, selected municipal offices, large government agencies such as the Department of Education, and selected Robinsons malls.