MANILA, Philippines - The Government Service Insurance System has set aside P781 million for a loan facility meant to help members in the provinces of Benguet, Kalinga, and Abra devastated by Typhoon Ineng.
In a statement, the state-owned fund said its 28,035 members and 5,019 old-age pensioners in those areas may apply for emergency loans.
“Active members working or residing in the affected provinces are eligible to borrow if they are not on leave of absence without pay, have no arrears in paying premium contributions, and have no loans in default,” GSIS said.
The fund said first-time borrowers may apply for a P20,000 loan, while those with existing debt may seek P40,000. However, members with existing loans with the fund will have their balance deducted from the new borrowing.
The loan would be payable for three years at a six-percent interest rate per annum. GSIS said it would also be covered by a loan redemption insurance, which means it would be fully paid in case of the borrower’s debt as long as repayment is up to date.
Members in Benguet and Kalinga may submit their loan applications until Oct. 31, while those in Abra have until Nov. 1 to do so.
GSIS said members may apply for the loan through Wireless Automated Processing System kiosks in its branches, provincial capitols, city halls, municipal offices, government agencies, and malls. Old-age pensioners, meanwhile, need to apply in person.
The pension fund noted proceeds of the loan would be automatically credited to members’ eCard or unified multipurpose identification card.