Housing loans PB asks GSIS: Include typhoon-affected staff

CEBU, Philippines -  The Cebu Provincial Board is requesting the Government Service Insurance System to include Capitol employees who are victims of the magnitude 7.2 earthquake in its Home Emergency Loan Program (HELP).

The PB passed the resolution sponsored by Board Member Celestino Martinez III supporting the earlier request of Governor Hilario Davide III with GSIS that HELP will be extended to all Capitol employees who are victims of super typhoon Yolanda.

The GSIS originally offered and extended the HELP for victims of typhoon Yolanda.

Martinez said while the typhoon left most northern Cebu residents homeless, there are also some Capitol employees in southern and central Cebu who are in dire need of financial assistance to repair their houses after the earthquake.

"Many of the employees of the Cebu Provincial Government, who were victims of the abovementioned calamities, were not able to avail of the Home Emergency Loan Program, especially those who lost their houses due to the October 15, 2013 7.2 magnitude earthquake," Martinez said.

GSIS earlier offered a one-time special loan of up to P200,000 to rebuild the homes of members who are either living or working in the 126 areas that were hardest hit by Yolanda.

Under HELP, members may apply for a loan based on their total length of service in the government.

 Members who have been in the government for 10 years or more may borrow a maximum amount of P200,000 while those who have been in the service for five years or more but less than 10 years, may take out up to P100,000.

In addition, those who have been in the service for less than five years may obtain a maximum loan of P30,000.

HELP is in response to the President Benigno Aquino's instruction to all government agencies to extend the necessary financial support that will enable Yolanda victims to rebuild their homes and resume productive livelihood and employment activities.

The loan will bear an interest of six percent and is payable in 10 years. The first monthly amortization of the loan will be in July 2014.

HELP is the latest GSIS program geared at assisting Yolanda victims. The other programs include the grant of a six-month loan moratorium for members and pensioners living or working in worst-hit areas; an enhanced emergency loan with higher credit limit of P40,000 for members with outstanding emergency loan balance; and for the first time, a pensioners' emergency loan of P20,000. (FREEMAN)