MANILA – The Government Service Insurance System (GSIS) announced on Thursday that it has released more than PHP1.5 billion in emergency loans to provide urgent financial relief to over 44,000 government employees and pensioners affected by tropical cyclones Crising (international Wipha), Dante (Francisco), Emong (Co-May) and other recent calamities.
In a news release on Thursday, GSIS Officer-in-Charge Juliet Bautista said the surge in loan applications reflects the immediate needs of those impacted by the disasters.
“As soon as the loan window opened, thousands of our members and pensioners turned to GSIS for help. This reflects how deeply the recent calamities have affected their lives and how urgently they need support,” Bautista said.
The emergency loan program offers a one-time assistance of up to PHP40,000 for active members and PHP20,000 for old-age and disability pensioners.
It carries a 6 percent interest rate per annum, payable in 36 equal monthly installments, and includes a Loan Redemption Insurance (LRI) feature.
Under LRI, the outstanding loan is deemed fully paid in the event of the borrower’s death, provided payments are up to date.
“We want our members to know they are not alone in recovering from the impact of recent storms. GSIS is here to extend support where it matters most,” Bautista added.
Eligible borrowers include active members and pensioners residing or working in areas officially declared under a state of calamity.
The availment period varies depending on the local government's declaration and the timely submission of requirements.
As of July 31, the loan remains open in the following areas:
--Until Aug. 15 – Province of Siquijor
--Until Aug. 23 – Calumpit, Bulacan; Umingan, Pangasinan
--Until Oct. 23 – Cavite, Manila, and Quezon City (July 24 opening)
--Until Oct. 24 – Malabon, Marikina, Las Piñas, Navotas, Valenzuela, Roxas (Palawan), Agoncillo (Batangas), Balagtas (Bulacan), Malasiqui (Pangasinan), Bataan, Pampanga, Dagupan City (July 25 opening)
--Until Aug. 25 – Mangaldan and Mangatarem, Pangasinan (July 26 opening)
--Until Oct. 24 – Province of Rizal (July 26 opening)
--Until Oct. 25 – Caloocan (July 26 opening)
--Until Oct. 26 – Muntinlupa (July 27 opening)
--Until Aug. 28 – Moncada and Paniqui (Tarlac), Anda and Lingayen (Pangasinan), La Union, Laguna, and San Carlos City (Pangasinan) (July 29 opening)
GSIS said the list of eligible areas is subject to expansion as more localities are placed under a state of calamity.
Members and pensioners are encouraged to visit the official GSIS website or check its verified social media channels for the latest updates. (PNA)