GSIS gave P2 billion in emergency loans
Posted on October 16th, 2009
The Government Service Insurance System (GSIS) reported that they have already granted up to P2 billion worth of emergency loans from government employees affected by storm Ondoy. The government pension fund said that out of 130,000 emergency loan applications, 103 or a total of P2 billion have already been processed as of October 12.
GSIS started offering emergency loans to members working in calamity-declared areas last October 1.
Areas which were devastated by Ondoy include the National Capital Region, Ifugao, Mt. Province, Benguet, La Union, Pangasinan, Isabela, Ilocos Sur, Nueva Vizcaya, Quirino, Aurora, Nueva Ecija, Pampanga, Zambales, Tarlac, Bulacan, Bataan, Laguna, Cavite, Batangas, Rizal, Quezon, Occidental Mindoro, Oriental Mindoro, Marinduque, Camarines Norte, Camarines Sur and Catanduanes.
Members of the pension affected by Ondoy applied for emergency loans using kiosks installed in GSIS offices, select government offices in the affected areas, and even in select SM malls, including SM Megamall, SM North EDSA, SM Fairview, SM Marikina, SM Taytay, SM Marilao, SM Pampanga, SM Las Piñas, and SM Sta. Rosa. Likewise, kiosk was also provided in the office of the Philippine Information Agency in Visayas Avenue in Quezon City.
The pension fund allotted a budget of P5 billion in emergency loans to members adversely affected by Ondoy. GSIS also said that members affected by typhoon Pepeng can also apply for the emergency loan.
Eligible members can apply for the emergency loan worth P20,000. Among other requirements, applicant must be working in areas placed by the National Disaster Coordinating Council under a state of calamity.
Other requirement are: member-applicant must a bona fide employee of the government office within the declared calamity area; be in active service and not on leave of absence without pay; has no pending criminal or administrative charges; has no arrears in the payment of mandatory social insurance contributions; and has no loan that has been declared in default.
The loan will have an interest rate of 8% per year and payable in equal monthly installments for a term of three years.
Qualified members have until October 31 to apply for the loan.
