The Government Service Insurance System (GSIS) has allocated P18.5 billion in emergency loans to help 864,089 members and pensioners affected by Typhoon Carina and the southwest monsoon (habagat) in Batangas, Rizal, and the National Capital Region (NCR).
In a statement on Thursday, the GSIS said members and pensioners in these regions which have been declared as calamity areas may apply for the loan from July 26 to October 28, 2024.
The GSIS Emergency Loan program aims to provide immediate financial relief to its members and pensioners impacted by natural disasters.
The loan features an interest rate of 6 percent per annum and a repayment period of three years.
“Members and pensioners with existing emergency loan balances may borrow up to P40,000 to enable them to clear their previous loans and receive a maximum net amount of P20,000,” said the GSIS.
Those without existing loans may apply for up to P20,000.
To qualify for the emergency loan, the GSIS said active members must not be on unpaid leave, have no pending administrative or legal cases, and have made at least six monthly premium payments before applying.
Their net take-home pay should not be less than P5,000 as stipulated by the General Appropriations Act.
“To be eligible for the loan, old-age and disability pensioners must have a net monthly pension that is at least 25 percent of their gross pension after deducting the amortization of the loan,” GSIS said.
Eligible members may apply for the loan online through the GSIS Touch mobile app or may also file their application through the GSIS Wireless Automated Processing System kiosks in all GSIS branches, major government offices such as the Department of Education, provincial capitols, city halls, municipal offices, and selected Robinson’s and SM malls.
SSS CALAMITY LOAN
Meanwhile,the Social Security System (SSS) said members affected by the typhoon and the enhanced southwest monsoon may avail of its calamity loan.
Department Manager III of SSS’ Member Loans Department Nerissa Sabado said during the Bagong Pilipinas Ngayon briefing on Thursday that the SSS calamity loan has a low interest rate of 10 percent per annum.
Members who are qualified to avail of the calamity loan are those residing in areas declared by the National Disaster Risk Reduction and Management Council as under a state of calamity.
Sabado said the maximum loan amount is P20,000 and will be payable in two years.
“Dapat lamang masigurado noong member na siya ay active SSS member, mayroong at least 36 posted monthly contributions, iyong anim dapat posted doon sa huling labindalawang buwan bago ang buwan ng aplikasyon. (The member should make sure that he/she is an active SSS member, has at least 36 posted monthly contributions, six of which must be posted in the last twelve months before the month of application),” said Sabado.
Sabado said members may apply by submitting their application online through their My.SSS account.
“Ang SSS narito po para tulungan kayo sa inyong pangangailangang pinansiyal kaya muling inilunsad at ginawang available itong calamity loan. (The SSS is here to help you with your financial needs, that’s why we relaunched and made available this calamity loan),” Sabado added.*PNA
