GSIS, Pag-IBIG offers emergency loans to members
Posted on September 29th, 2009
To help victims of tropical storm Ondoy, the Government Service Insurance System (GSIS) said it is allotting P5 billion in emergency loans. The announcement was made by GSIS president Winston F. Garcia on Tuesday. The GSIS said member could apply for the emergency loans starting October 1.
The GSIS also said that the emergency loan, in the amount of P20,000, is available to eligible members in areas declared by the National Disaster Coordinating Council (NDCC) in a “state of calamity.â€
Areas declared to be in a state of calamity include Metro Manila, Mountain Province, Ifugao, Benguet, Pangasinan, La Union, Ilocos Sur, Isabela, Quirino, Nueva Vizcaya, Aurora, Nueva Ecija, Zambales, Pampanga, Bulacan, Tarlac, Bataan, Cavite, Laguna, Batangas, Rizal, Quezon, Occidental Mindoro, Oriental Mindoro, Marinduque, Catanduanes, Camarines Norte and Camarines Sur.
Members can avail of the emergency loan in any GSIS Wireless Automated Processing System kiosk or G-WAPS kiosk. Qualified members can apply for emergency loans from 8 a.m. to 8 p.m. They need to bring their eCard Plus when applying through the kiosks.
Likewise, the Pag-IBIG fund, is also ready to receive members’ applications for calamity assistance. Pag-IBIG said, it has already received a total of 1,115 calamity loan applications, it has also established already service centers in Marikina and Cainta, the hardest hit by Ondoy.
Members can borrow up to 80 percent of their total accumulated savings under the fund’s Calamity Loan Program. The loan carries a 10.75 percent interest per year and is payable in 24 months with grace period of five months.
To qualify for the loan, member-applicant must be resident of areas declared in a state of calamity, have paid at least 24 monthly contributions, and are active members at the time of the application. They must continue to remit their contributions during the term of the loan.
Qualified members should file their application within 90 days after the calamity. Those with existing Multi-Purpose Loan (MPLs) can still avail of the emergency loan. However, the outstanding balance of the MPL will be deducted from the proceeds of their calamity loan.
