GSIS reserves 17.79 billion pesos in aid in the form of a loan for the victims of Odette

GSIS reserves 17.79 billion pesos in aid in the form of a loan for the victims of Odette

The GSIS complex in Pasay (Photo from the GSIS Facebook account)

Manila, Philippines – The state-run Government Services Insurance System (GSIS) has earmarked 17.79 billion pesos for its emergency loan to members and retirees in the six regions hit by Typhoon Odette last month.

In a statement released on Friday, GSIS President and CEO Rolando Macasaet said the emergency loan program was made available to active members who live or work in the following regions under a state of calamity d 1 Year After Odette’s Assault: Mimaropa, Western Visayas, Central Visayas, Eastern Visayas, Northern Mindanao, and Caraga.

Old-age and disability pensioners living in those areas can also apply, Macasaet said.

GSIS data showed that up to 572,167 active members in addition to 136,879 retirees could qualify for loan assistance.

“Qualified borrowers with existing emergency loans can borrow up to P40,000 to pay off their previous emergency loan balance and still receive a maximum net amount of P20,000. existing emergency can charge 20,000 pesos,” Macasaet said.

“Members qualified to apply are on active duty and not on unpaid leave, have no pending administrative or criminal case, and have a net net salary of at least P5,000 after all required monthly obligations have been met. Those with due and payable loan accounts (having more than six months arrears) are now allowed to renew their previous emergency loan from a different calamity,” he said. added.

“Members with at least three months of premiums paid in the last six months prior to the date of application can already apply. Old age and disability pensioners can apply for the loan if their resulting net monthly pension after using the loan is at least 25% of their basic monthly pension,” according to Macasaet.

The loan will carry an interest rate of 6% per annum, payable in 36 equal monthly installments. In the event of the death of the borrower, the loan will be deemed to be fully repaid if the payments have been up to date, as part of a credit buyback insurance.

But Macasaet did not specify the period of application of this emergency loan assistance program for the victims of “Odette”.

Macasaet urged applicants to submit their case online via email or through the GSIS Electronic Membership Online System (eGSISMO). Other contactless options included drop boxes in GSIS office lobbies or GSIS Wireless Automated Processing System (Gwaps) kiosks, he added.

“If borrowers choose to use email to file the application, they should send the requirements to their processing branch email address. The full list of GSIS email addresses can be found at www.gsis.gov.ph/contact-gsis,” Macasaet said.

“However, we ask for understanding and patience as most offices have intermittent internet connection and electricity to facilitate the processing of applications. Rest assured that loan applications will be processed as soon as possible,” a- he added.

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