GSIS Expands Emergency Loan Assistance for Calamity Victims to Nearly P8 Billion

MANILA, Philippines — The allocation for emergency loan assistance for members and pensioners of the Government Service Insurance System (GSIS) displaced by flooding in Luzon and Mindanao has been increased to nearly P8 billion. The state-run pension fund said the program covers 16 areas affected by the southwest monsoon and Typhoons Luis, Maymay and Neneng. The expanded loan program applies to GSIS members and pensioners working or residing in areas declared under a state of calamity. Deadline of application will be from Sept. 20 to Nov. 16, depending on affected areas. Qualified borrowers with existing emergency loans may avail themselves of up to P40,000, with the outstanding balance of their existing loans to be deducted from the proceeds. Those with no existing emergency loan balance may borrow up to P20,000. The loan is payable within 36 months and carries a corresponding interest rate of six percent. Members and pensioners may apply through the GSIS Touch mobile app or check the state insure’s website for areas covered by the loan assistance program.