The Government Service Insurance System (GSIS) has set aside P1 billion for an emergency loan program to assist members and retirees affected by the Mayon Volcano's unrest in Albay.
It stated on Wednesday that applications for the emergency loan are now available and submissions will be accepted until July 18, 2023.
According to Wick Veloso, president and general manager of GSIS, their office immediately opened the loan and set aside a one billion peso budget to assist 39,000 GSIS members and pensioners in Albay who require assistance, immediately after the Sanggunian Panlalawigan of Albay declared the entire province a calamity area.
Active members dwelling or working in the disaster region who are not on leave without pay, have no ongoing administrative or criminal charges, and have a net take-home salary of at least P5,000 after all necessary monthly obligations have been subtracted are eligible to apply for the loan.
Pensioners over the age of 65 and disabled people living in the province may also apply for the loan if their net monthly pension after loan repayment is at least 25% of their basic monthly pension.
Members with an existing emergency loan balance may borrow up to P40,000 to pay off their previous emergency loan debt and still receive a maximum net amount of P20,000, according to the GSIS.
Those who do not already have an emergency loan may apply for a P20,000 loan. The loan has a 6% interest rate and a three-year repayment period.
The GSIS stated that with a redemption insurance provision, the balance will be regarded as fully paid in the event of the borrower's death, as long as payments are updated.
Members and pensioners were advised by the pension fund to apply for the loan program via their mobile phones and the GSIS Touch mobile application.
GSIS Touch is available for free download from the Google Play Store and the Apple App Store.
Members may also apply for the loan through the GSIS Wireless Automated Processing System (GWAPS) kiosks, which are available in all GSIS offices, Robinson's malls, SM supermalls, and other government offices, according to the pension fund.
