The Government Service Insurance System (GSIS) announced that its emergency loan window is now open for GSIS members and pensioners who have been affected by the African swine fever in Oriental Mindoro.
The pension fund has earmarked a total budget of P428 million to offer the financial assistance.
Members with existing emergency loans are eligible to borrow up to P40,000 to settle previous loan balances, with a maximum net amount of P20,000. Those without any outstanding emergency loan, including pensioners, may apply for a P20,000 loan. The deadline for application is on March 20, 2024.
Qualified for the loan are GSIS members who are residents or employed in the calamity areas. They must have no leave of absence without pay, no pending administrative or criminal case and must receive a net take-home pay of at least P5,000 after deducting required monthly obligations.
Also qualified to borrow from the loan facility are old-age and disability pensioners residing in the calamity areas whose resulting net monthly pension after loan availment would be at least 25% of their basic monthly pension. They must also have no outstanding loan being deducted from their monthly pension except pension loan.
The GSIS Emergency Loan has a 6% interest rate and a three-year payment term.
Members may apply for the loan anytime, anywhere via the GSIS Touch mobile app. They may also file their application through the GSIS Wireless Automated Processing System (GWAPS) kiosks located in all GSIS branches, major government offices such as the Department of Education, provincial capitols, city halls, and municipal offices.
