GSIS allots P428 million for Oriental Mindoro hog raisers

MANILA, Philippines — The Government Service Insurance System (GSIS) has allotted P428 million in emergency loan for its members in Oriental Mindoro whose hogs were affected by African swine fever (ASF).

Active members must be residing or working in areas declared under a state of calamity to qualify for the loan program.

A state of calamity was declared in Bulalacao, Bungabong, Naujan, Bansud, Pinamalayan, Mansalay and Roxas towns last year due to the outbreak of ASF.

GSIS members who have existing emergency loans may borrow up to P40,000 to pay off their previous balance and receive the maximum loanable amount of P20,000.

Those without existing emergency obligations may apply for a loan of P20,000.

GSIS members with at least three months of paid premiums within the last six months are eligible to avail themselves of the loan.

Old-age and disability pensioners are qualified to apply if their net monthly pension after loan availment is at least 25 percent of their basic monthly pension.

The deadline for emergency loan applications is on March 20.

The loan is payable in three years at an interest rate of six percent per annum. It has a redemption insurance, which deems the loan fully paid in case of the borrower’s death, provided payment is up to date.