GSIS allots P2 billion for Typhoon Ursula victims

MANILA, Philippines — The Government Service Insurance System (GSIS) has allotted almost P2 billion in emergency loan to its members and pensioners who were affected by Typhoon Ursula last year.

GSIS members and pensioners in Capiz, Western Samar and Biliran as well as Guiuan, Eastern Samar can apply for emergency loan until Feb. 19.

Those in Aklan and Daanbantayan and Sta. Fe in Cebu can file their loan application until Feb. 27.

Under the GSIS’ amended emergency loan guidelines, members could borrow up to P20,000. The loan is payable in 36 months at six percent interest per annum.

The GSIS said the loan is covered by a redemption insurance, which deems the loan fully paid in case of the borrower’s demise provided that loan repayment is up to date.

Only active GSIS members working or residing in areas under a state of calamity, updated in premium payments within the last six months prior to the loan application, not on leave of absence without pay, have no unpaid loans for more than six months and with no pending administrative or criminal case can apply for emergency loan.

Borrowers should have a minimum take-home pay of P5,000 after the monthly premium contribution and loan amortization have been deducted from their salaries.

Old-age and disability pensioners may apply for emergency loan provided their net monthly pension after the loan availment is at least 25 percent of their basic monthly pension.