THE Government Service Insurance System (GSIS) announced it has allocated P1.69 billion for emergency loans to members in Albay, Camarines Norte and Naga affected by the dengue outbreak and El Niño.
A statement issued by GSIS last Wednesday read that 68,506 active members and pensioners in the three areas may access the loan offering.
This comes after Albay and Naga were declared under a state of calamity due to an uptick in dengue cases and recent deaths, while Camarines Norte was declared under the same state because of El Niño. Members with an existing emergency loan may borrow up to P40,000, but the balance of their previous loan will be deducted, leaving them with a maximum net amount of P20,000.
Meanwhile, those without an existing emergency loan may apply for up to P20,000. The loan carries a 6-percent interest rate and is payable over three years. The monthly amortization is P655.56 for a P20,000 loan and P1,311.11 for a P40,000 loan. It also has a redemption insurance feature that, if loan payments are made on time, the outstanding balance will be considered fully paid in the event of the borrower’s death.
The GSIS said qualified members and pensioners may apply for the emergency loan through its mobile application until October 24 in Albay, October 27 in Camarines Norte and October 28 in Naga. Eligible active members must be residing or working in any of the areas affected, not on leave without pay and have no pending administrative or criminal case.
They must also have paid the required three-month premium contribution within the prescribed six-month period, must have no unpaid loans for more than six months and have a net take-home pay of at least P5,000 after deducting all mandatory monthly obligations.
Old-age and disability pensioners residing in the affected areas may likewise avail themselves of the loan, as long as their resulting net monthly pension after loan availment is at least 25 percent of their basic monthly pension.