State pension fund Government Service Insurance System (GSIS) president and general manager Wick Veloso announced Wednesday the GSIS is prepared to provide financial assistance under its emergency loan program to members and pensioners in North Luzon who may be adversely affected by super typhoon Egay (International name “Doksuri”).
Wind signal number 4 is now hoisted in the northeastern portion of mainland Cagayan province while the following areas are placed under signal number 3: Babuyan Island; northern and eastern portions of mainland Cagayan and northeastern portion of Isabela; and the northern portion of Apayao. PAGASA warned that storm surges exceeding three meters could lead to flooding in coastal areas of Batanes, Cagayan, including Babuyan Island, Isabela, and Ilocos Norte.
“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.
Last week, the GSIS began offering emergency loans to 585 active members and 53 old-age and disability pensioners in Puerto Galera, Oriental Mindoro in response to the ongoing water crisis caused by El Niño.
“It is unacceptable that our members and pensioners in Puerto Galera have to suffer without basic necessities because of the water crisis. We aim to help them by offering immediate aid through our emergency loan. Ang sabi nga ni Pangulong Marcos, dapat mabilis ang pagtugon sa pangangailangan ng mga biktima ng kalamidad at krisis,” 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 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. Pensioners and those without existing emergency loan may apply for a P20,000 loan.
The GSIS offers a low-interest rate of 6 percent payable over three years. This includes redemption insurance cover which will pay off the loan balance in the event the borrower dies for as long as payments are updated.
Members and pensioners may apply for the loan using the GSIS Touch mobile application available for download from Google Play Store and Apple App Store. They may also apply through the GSIS Wireless Automated Processing System (GWAPS) kiosks found in all GSIS offices, selected Robinson’s and SM supermalls, and large government offices such as the Department of Education.
