GSIS allots P1.6-B for ‘Nona’ victims

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THE Government Service Insurance System (GSIS) has alloted P1.6 billion in emergency loan to members and pensioners greatly hit by Typhoon Nona. GSIS President and General Manager Robert Vergara said, a total of 49,049 members and 9,315 pensioners from Oriental Mindoro, Albay and Sorsogon may avail of the emergency loan program until January 30, 2016. “Active members working or residing in the declared calamity areas are eligible to borrow if they are not on leave of absence without pay, have no arrears in paying premium contributions, and have no loans in default [no unpaid amortization for more than six months],” Vergara said in a statement. The emergency loan package consists of P40,000 credit limit for active member with no outstanding balance in existing loan; and P20,000 for first-time borrowers and pensioners. The loan is payable in three years or 36 equal monthly installments at 6 percent interest per year computed in advance and is covered by a loan redemption insurance, which deems the loan fully paid in case of death of the borrower, provided that the loan repayment is up to date.

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