The Government Service Insurance System (GSIS) has expanded its emergency loan assistance to nearly PHP8 billion, covering 317,721 members and pensioners in 16 areas affected by recent typhoons and the southwest monsoon or “habagat.”
“In response, GSIS ensures access to essential social insurance services by providing timely financial assistance through its Emergency Loan Program to qualified members and pensioners whose homes, livelihoods, and communities have been affected by the disasters,” the GSIS said in a news release Friday.
The expanded assistance covers areas hit by Typhoons Luis, Maymay and Neneng, and the enhanced southwest monsoon, where flooding and other damage prompted local governments to declare states of calamity.
Qualified borrowers may avail of PHP20,000, while those with an existing emergency loan may borrow up to PHP40,000, less the outstanding balance of their previous loan.
Application deadlines range from Sept. 20 to Nov. 16, depending on the area. The earliest deadline applies to Hagonoy, Bulacan and Masinloc, Zambales, while borrowers in Cavite and Rodriguez, Rizal have until Nov. 12 and Nov. 16, respectively.
The loan carries a 6 percent interest rate computed in advance and is payable over 36 months. Monthly amortization is PHP655.56 for a PHP20,000 loan and PHP1,311.11 for a PHP40,000 loan.
Applications may be filed through the GSIS Touch mobile app, with proceeds credited directly to the borrower’s accredited eCard or UMID card. (PNA)
