GSIS readies emergency loans for Maymay, habagat-hit members

MANILA, Philippines – The Government Service Insurance System (GSIS) on Monday said members and pensioners affected by Tropical Storm Maymay and the enhanced southwest monsoon or “habagat” may soon tap emergency loans once their localities are officially placed under a state of calamity.

“Eligible members and pensioners with existing emergency loans may borrow up to P40,000, which will be used to settle their outstanding emergency loan balance, with the remaining amount released to the borrower,” GSIS said in a news release.

Those without an existing emergency loan may borrow up to P20,000.

READ: GSIS expands Balik Ginhawa refunds to 6 months

Active members must either reside or work in a declared calamity area, remain in active service and not be on leave without pay, have no pending administrative or criminal case, and have paid premiums within the six months before applying.

They must also maintain a net take-home pay of at least P5,000 after loan deductions, as required under the General Appropriations Act.

Old-age and disability pensioners residing in declared calamity areas may likewise apply, provided their net monthly pension after loan deductions remains at least 25 percent of their basic monthly pension.

“The GSIS Emergency Loan carries an interest rate of 6 percent per annum and is payable over three years,” the pension fund said.

**READ: GSIS earnings more than doubled to P43.6B in Q1 **

GSIS said applications may be filed anytime through the GSIS Touch mobile application available on the Google Play Store and Apple App Store.

Members and pensioners may also seek assistance through the GSIS website, contact center, email, and official social media channels. (PNA)

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of Cebudailynews. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.