GSIS allocates P511-M on emergency loan for 2 areas of Davao
MANILA – The state pension fund Government Services Assurance System (GSIS) has set aside more than PHP 511 million under the Ginhawa For All Emergency Loan for its active members as well as retirees and people with disabilities in the province of Davao del Norte and the municipality of Montevista in Davao de Oro.
GSIS has opened the loan window until May 7, 2022 to assist over 25,000 affected members and retirees in these areas which have been declared in a state of calamity due to massive flooding caused by continuous heavy rains.
The floods damaged homes, crops, properties, facilities and critical infrastructure.
“Mai mga kababayan tayo na madalas makaranas ng kalamidad. Kaya para sa ating members and retirees na can binabayaran apply for emergency loan and nais muling mag-apply nito, winning sila nggang PHP40,000. obtain the bank balance from the loan proceeds. For a no-fee emergency loan, you can apply for up to PHP 20,000 (We have companions who frequently experience calamities. So for our members and retirees who are still paying an emergency loan and intend to apply for this loan, they can borrow up to PHP 40,000. The balance will be deducted of their loan proceeds. For those who do not have an emergency loan, they can apply for PHP 20,000),” GSIS President and CEO Rolando Ledesma Macasaet said in a statement on Monday.
The emergency loan is repayable in 36 equal monthly installments with an interest rate of 6%.
It also has credit repurchase insurance which considers the loan fully repaid, in the event of the death of the borrower, provided that the repayment of the loan is up to date.
To be eligible, active members must reside or work in disaster areas, not be on unpaid leave, have no pending administrative cases or criminal charges, have at least three monthly premium payments within the past six months preceding the request; and have a net net salary not less than the amount required under the General Credit Law after deducting all monthly obligations.
Members who have emergency loans outstanding for six months or less, or more than six months already due and payable, can apply for an emergency loan renewal.
Pensioners and invalids residing in both regions can also benefit from the loan as long as their resulting net monthly pension after using the loan is at least 25% of their basic monthly pension.
The loan application can be submitted via the GSIS Touch mobile application, the Electronic GSIS Member Online (eGSISMO) function or the GSIS Wireless Automated Processing System (GWAPS) kiosk; emailed to the GSIS processing arm; placed in drop boxes located in the halls of the GSIS offices; or submitted at the counter of any GSIS office. (PR)