The Market Monitor Minding the Nation's Business
The Government Service Insurance System (GSIS) has allocated P1.7 billion in emergency loans to provide assistance to its members and pensioners affected by rabies and El Niño in 13 areas nationwide. Over 77,000 affected members and old-age and disability pensioners are expected to benefit from the program.
Members and pensioners with an existing emergency loan balance may borrow up to P40,000 to clear their previous loan and receive a maximum net amount of P20,000. Those without an existing loan may apply for up to P20,000. The loan features a low interest rate of 6% per annum with a repayment period of three years.
Qualified applicants include members who are residing or working in Buenavista, Marinduque, where rising rabies cases have been reported, and several locations affected by El Niño, including Catbalogan City in Western Samar, Cordova, Naga City, and Toledo City in Cebu, Iloilo City, Buenavista in Guimaras, Bayawan City and Sta. Catalina in Negros Oriental, Antique, Basilan, and Datu Piang and Sultan sa Barongis in Maguindanao Del Sur.
To be eligible for the emergency loan, active members must not be on unpaid leave, have no pending administrative or legal cases, and must have made at least six monthly premium payments prior to application. Their net take-home pay should not be less than P5,000 as required by the General Appropriations Act. Meanwhile, old-age and disability pensioners must have a net monthly pension that is at least 25% of their gross pension.
Borrowers may file applications through the GSIS Touch. The deadline for the submission of applications is on June 7 for Luzon areas, May 31 for Visayas, and June 1 for Mindanao.
For inquiries, interested parties may visit the GSIS website (www.gsis.gov.ph) or Facebook page (@gsis.ph), email gsiscares@gsis.gov.ph, or call the GSIS Contact Center at 8847 4747 (for Metro Manila) or 1-800-8-847-4747 (for Globe and TM subscribers) or 1-800-10-847-4747 (for Smart, Sun, and TNT subscribers).