The Government Service Insurance System (GSIS) said it is fully prepared to provide financial assistance to its members and pensioners who may be adversely affected by super typhoon Egay in North Luzon.
GSIS president and general manager Wick Veloso assured that the pension fund is ready to offer aid through its emergency loan program.
“We’ve set aside a total of P6 billion for our emergency loan budget this year. We want to ensure sufficient funds to offer loan assistance to those who need help during disasters,” Veloso said.
To qualify for the GSIS emergency loan program, active members must be residing or working in the calamity areas. They should not be on unpaid leave, have no pending legal cases, and have made at least three monthly premium payments in the six months before applying.
They must also have no outstanding loans, and their net take-home pay should not be lower than the amount required under the General Appropriations Act after all monthly obligations are deducted.
Old-age and disability pensioners residing in the calamity areas may also avail of the loan provided their net monthly pension after availing the loan is at least 25 percent of their basic monthly pension.
Members with an existing emergency loan balance may borrow up to P40,000 to clear the balance of their previous emergency loan and receive a maximum net amount of P20,000.
Meanwhile, pensioners and those without an existing emergency loan may apply for a P20,000 loan. The loan offers a low-interest rate of six percent and has a repayment period of three years.
