LEGAZPI CITY: The Government Service Insurance System (GSIS) has approved P1.603 billion in credit concessions to all its members in Albay province, Rep. Joey Sarte Salceda said recently.
He said 29,926 houses in Albay were totally damaged and another 50,353 were very badly damaged. A total of P3.696 billion will be needed to rehabilitate those damaged or build houses for those who lost their homes.
Damage to agriculture was placed at P568 million.
The GSIS approved P1.431 billion in emergency loans at P40,000 each for active members and P20,000 for pensioners. These will be payable in three years with a six-month interest-free period. A member who borrows P40,000 emergency loan in January will start paying P1,311.11 monthly installment starting July.
Similarly, a pensioner can borrow P20,000 and pay P655.56 for 36 months after a six-month grace period.
The installment payments on P172.068 million in existing loans of members in Albay will also be deferred for six months, interest free.
“In short, all installment payments on all loans falling due between February and July will not be collected and will not be charged penalties or additional interest, except for their original terms. GSIS will automatically stop collecting on existing loans, but not premiums, of Albay resident members without need of application,” Salceda explained.
Meanwhile, Home Development Mutual Fund (Pag-IBIG) chairman Jun Evasco has approved an P8-billion credit line to assist 80,645 members and their families living in Albay whose houses and livelihoods were affected by the typhoon.
Pag-IBIG is again offering quick disbursing home rebuilding loan and another salary loan option, Salceda added. The home rebuilding loan is P100,000 with interest rate of 4.5 percent for those earning at least P12,000 per a month and 5.5 percent for those earning above that amount, payable in 11 years.