GSIS earmarks P514-M in emergency loans for Luzon typhoon victims

The Government Service Insurance System (GSIS) has allocated P514 million in emergency loans to support 23,469 members and pensioners affected by recent typhoons in Luzon.

The financial assistance is available to individuals residing or working in areas declared under a state of calamity, including Quirino, Apayao, Aurora, Santiago City, and Cabagan, Isabela.

These areas suffered significant damage due to typhoons Nika (international name Toraji), Marce (Yinxing), Ofel (Usagi), and Pepito (Man-yi).

Qualified GSIS members without an existing emergency loan can borrow up to P20,000, while those with an existing loan may avail themselves of additional funds of up to P40,000, provided the net proceeds do not exceed P20,000.

The loan offers a 6 percent annual interest rate, a three-year repayment period, and comes with redemption insurance to cover the outstanding balance in the event of the borrower’s death, provided payments are current.

Applications for the loan are open until December 20 for Quirino, Apayao, and Santiago City, and until December 24 for Aurora and Cabagan, Isabela.

To qualify, members must reside or work in the declared calamity zones, not be on unpaid leave, have at least six months of paid premiums, have no pending administrative or criminal cases, and maintain a net take-home pay of at least P5,000 after all deductions.

Old-age and disability pensioners from the affected areas are also eligible, provided their net monthly pension after loan amortization will remain at or above 25 percent.

Interested applicants can submit their applications through the GSIS Touch mobile app, which is available for download on Google Play and the Apple App Store.