Loans, financial aid offered to ‘Yolanda’ victims


Government agencies are trying to outdo each other in providing financial assistance to typhoon victims.

The Department of Education (DepEd) is offering teachers and non-teaching staff in typhoon-devastated areas loan assistance to help them start anew.

The state pension fund Government Service Insurance System (GSIS) also offered a six-month loan moratorium on all outstanding loans of its hardest-hit members to enable them to use the deferred payments on their GSIS loans to rebuild their homes and other urgent needs.

Loans covered under the moratorium include consolidated loans, housing loans, policy loans and eCash advances. The loan moratorium will be extended from November 2013 to April 2014. The payment for existing loans of members will thus resume in May next year.

In addition, GSIS members residing or working within the declared calamity areas may also apply for a P20,000 emergency loan in GSIS branch offices and through the GWAPS kiosks until December 31. GSIS will waive the requirement to pay 12 monthly amortizations before loan renewal for members with existing emergency loans.

For old-age pensioners living in calamity-declared areas, GSIS is opening a new pension emergency loan window of P20,000 with terms similar to the emergency loan for active members. As with the existing pension loan, loan redemption insurance will be included.

The Pag-IBIG, on the other hand, offered a calamity loan to members who have made at least 24 monthly contributions. Applicants must be resident of areas declared under a state of calamity.

If the member has an existing Housing Loan, Multi-Purpose Loan and/or Calamity Loan, the account must not be in default as of the date of the loan application.

An eligible member may borrow up to a maximum of 80 percent of his Total Accumulated Value subject to the terms and conditions of the program. The current interest rate for the calamity loan is 5.95 percent per annum. The calamity loan is amortized over a period of 24 months with a grace period of three months. Loan applicants may visit any Pag-IBIG office near them for further inquiries.

Meanwhile, the Civil Service Commission also announced that affected government employees can avail of emergency leave to give them time to start anew.


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