TO rebuild homes, the gov-ernment’s pension fund has offered an emergency loan program for its members who were badly hit by Super Typhoon Yolanda.
Government Service Insurance System (GSIS) President and General Manager Robert Vergara said members in Yolanda-hit areas can avail of a one-time special loan of up to P200,000 through the Home Emergency Loan Program (HELP).
Under HELP, members may apply for a loan based on their total length of service in the government.
Members who have been in the government for 10 years or more may borrow a maximum amount of P200,000 while those who have been in the service for five years or more but less than 10 years, may take out up to P100,000.
In addition, those who have been in the service for less than five years may obtain a maximum loan of P30,000.
Vergara said HELP is in response to the directive of President Benigno Aquino 3rd to all government agencies to extend the necessary financial support that will enable Yolanda victims to rebuild their homes and resume productive livelihood and employment activities.
GSIS will accept applications starting January until March 2014 in any of its 56 branch and extension offices nationwide.
An approval from the members’ agency authorized officer (AAO) will be required by the pension fund before processing the loan.
The loan will bear an interest of 6 percent and is payable in 10 years. The first monthly amortization of the loan will be in July 2014. The program may be availed only once and is not subject to renewal.
Besides HELP, GSIS also grants six-month loan moratorium for members and pensioners living or working in worst-hit areas.
It also implemented an en-hanced emergency loan with higher credit limit of P40,000 for members with outstanding emergency loan balance; and for the first time, a pensioners’ emergency loan of P20,000.