State-owned Government Service Insurance System (GSIS) has earmarked a total of P563.6 million in emergency loans for its El Niño-affected active members and elderly pensioners in nine more areas in Mindanao.
In a statement on Thursday, the GSIS said eligible to apply for the loans until July 31, 2016 are qualified members and pensioners in Iligan City in Lanao del Norte; Claveria in Misamis Oriental; Tudela and Bonifacio in Misamis Occidental; Kabasalan and Alicia in Zamboanga Sibugay; and Guipos and Kumalarang in Zamboanga del Sur.
Those in El Salvador City, Misamis Oriental, may avail of the loan until August 9, 2016.
The pension system said a total of 17,597 active members are eligible to apply if they are working or residing in the calamity-declared areas, are not on leave of absence without pay and have no arrears in paying premium contributions in the last six months.
First-time borrowers may apply for P20,000 emergency loan, while those who have an existing emergency loan are entitled to P40,000, from which their outstanding loan balance will be deducted from the new loan.
Meanwhile, the GSIS said a total of 2,731 elderly pensioners residing in the nine areas may borrow P20,000.
This particular loan is payable in 36 equal monthly installments at six percent interest rate per annum computed in advance, and covered by a loan redemption insurance, which deems the loan fully paid in case of the borrower’s demise, provided that loan repayment is up to date.
The GSIS said active members may apply through any GSIS Wireless Automated Processing System kiosk located in all GSIS branch and extension offices; provincial capitols; city halls; select municipal offices; large government agencies such as the Department of Education; Robinsons Malls; and select SM City branches in North Edsa, Manila, Pampanga, Cebu and SM Aura in Taguig City (Metro Manila).
Active elederly pensioners must personally submit to the GSIS a fully accomplished emergency loan application form to apply for the loan.
Loan proceeds are electronically credited to the borrowers’ GSIS electronic card (ecard) or Unified Multipurpose Identification card, the GSIS said.