The STATE Government Service Insurance System (GSIS) also announced Wednesday that it will provide emergency loans to help members and retirees who live or work in areas affected by the earthquake.
GSIS President and General Manager Wick Veloso said they committed 5.4 billion pesos to the emergency loan program this year.
“We will ensure our members and retirees have financial support through our emergency loan to get them through the crisis. We are also in contact with all public bodies affected by the earthquake to see if there are any damaged government buildings that could benefit from insurance from GSIS,” said Veloso.
GSIS members with existing Emergency Loan balances can borrow up to P40,000 to pay off their previous Emergency Loan balance and still receive a maximum net amount of P20,000. Individuals without existing emergency loans as well as retirees can apply for the P20,000 loan.
Active members who reside or work, as well as retirement and disability pensioners residing in the affected areas of North Luzon can apply for the loan after they are declared in a state of emergency.
The GSIS emergency loan is payable in 36 equal monthly installments at a pre-calculated interest rate of 6 percent. It is also covered by loan amortization insurance, which considers the loan to be paid in full in the event of the borrower’s death provided the loan payment is current.
Eligible to apply are members who are on active duty and are not on unpaid leave; have paid premiums for at least three months within the last six months; have no pending administrative or criminal proceedings and have a net income of not less than P5,000 after deduction of all required monthly obligations.