GSIS allots P4.4 billion in emergency loans for typhoon-hit members

MANILA, Philippines — The Government Service Insurance System (GSIS) has set aside nearly P4.4 billion in emergency loans for members and pensioners affected by recent typhoons and the southwest monsoon in nine areas in Luzon.

The state pension fund said 166,789 active members and old-age and disability pensioners in affected areas are eligible to apply for the emergency loan, covering areas in Pampanga, Bulacan, Pangasinan, Zambales, Cavite and Rizal.

Qualified members and pensioners without an existing emergency loan may borrow P20,000, while those with outstanding balance on a previous emergency loan may avail themselves of up to P40,000, subject to existing GSIS policies.

The emergency loan is payable for 36 equal monthly installments at an annual interest rate of six percent.

It is covered by loan redemption insurance, which deems the outstanding balance fully paid in the event of the borrower’s death, provided that loan payments are up to date.

Applications for the emergency loan will remain open on different dates depending on the affected area.

In Pampanga, Calumpit in Bulacan, and Mangaldan and Dagupan in Pangasinan, 65,737 members and pensioners may apply until Sept. 13.

In Sta. Barbara, Pangasinan, 1,964 members and pensioners have until Sept. 18, while those in Hagonoy, Bulacan and Masinloc in Zambales have until Sept. 20 to submit their applications.