GSIS opens P2-B loan facility for quake,
calamity victims in Mindanao

February 28 2017 1:54 PM

Logo from GSIS' website
Logo from GSIS’ website

The Government Service Insurance System (GSIS) opened a P 2 billion emergency loan facility on Tuesday, February 28 for its active members and old-age pensioners in Surigao del Norte, and other areas in Mindanao that were affected by calamities.

GSIS said that members who were recently hit by a 6.7 magnitude earthquake and those in calamity stricken areas can avail of the emergency loan.

The Mindanao areas were:

*Davao del Norte
*Davao Oriental
*Compostela Valley
*Oroquieta City in Misamis Occidental
*Katipunan, Zamboanga del Norte
*Ditsa-an Ramain, Lanao del Sur
*Pagalungan, Maguindanao

These areas experienced heavy rains and floods in January.

The two others;
*Lopez Jaena in Misamis Occidental that suffered landslides due to heavy rains
*Bubong, Lanao del Sur encountered low water supply that damaged crops.

A total of 52,680 active members who were residing or working in the calamity-declared areas, not on leave of absence without pay, have no arrears in paying premium contributions, and have no unpaid loans for more than six months may avail of the loan.

Members who were availing of the loan for the first time may apply for a P 20,000 emergency loan. Those with loan balance may borrow P40,000 from which their outstanding balance will be deducted.

Active members may apply through the GSIS Wireless Automated Processing System (GWAPS) kiosks located in all GSIS branch and extension offices; provincial capitols; city halls; selected municipal offices; and large government agencies such as the Department of Education; Robinsons Malls; and selected SM City branches in North EDSA, Manila, Pampanga, Cebu, and SM Aura in Taguig.

Around 7,000 old-age pensioners, who were qualified for the P 20,000 emergency loan, must apply personally at any GSIS branch office. Pensioners who were also active members (after having reentered government service) may apply for the loan only once.

The loan is payable in 36 equal monthly installments at six percent interest rate per annum computed in advance. It is covered by a loan redemption insurance, which deems the loan fully paid in case of the borrowers’ demise, provided the loan repayment is up to date.

Loan proceeds were electronically credited to the borrower’s GSIS eCard or unified multipurpose identification (UMID) card.

The deadline for filing of application is on March 21.