The Government Service Insurance System (GSIS) said it is prepared to provide aid to its members and pensioners in Albay province who may be affected by the imminent hazardous eruption of Mayon Volcano.
GSIS president and general manager Wick Veloso assured that the pension fund is ready to extend assistance to those who may be displaced by the natural disaster.
The announcement came after the Philippine Institute of Volcanology and Seismology (PHIVOLCS) warned of a potential increase in the alert level for Mayon Volcano to 4.
According to the GSIS guidelines, eligible members with existing emergency loan balances may borrow up to P40,000 to settle their previous loan obligations while still receiving a maximum net amount of P20,000.
Members without an existing emergency loan can apply for a loan of P20,000. Pensioners are also eligible to avail of a loan amounting to P20,000.
To qualify for the loan, applicants must be active GSIS members residing or working in the affected area and must not be on unpaid leave. They should have paid their premiums for at least three months within the last six months and have no overdue loans.
Old-age and disability pensioners residing in the calamity areas may also apply for the loan, provided that their resulting net monthly pension, after loan availment, is at least 25 percent of their basic monthly pension.
The loan carries an interest rate of six percent and must be repaid within three years.
