P511 million GSIS emergency loans for two flooded areas in Davao

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P511 million GSIS emergency loans for two flooded areas in Davao

The GSIS complex in Pasay City. (Photo from GSIS Facebook account)

MANILA, Philippines – The Government Service Insurance System’s (GSIS) ongoing loan program for flooded members and retirees in two Davao areas would disburse a total of over 511 million pesetas in assistance.

In a statement Monday, the State Pension Fund for Government Employees and Retirees said more than 25,000 of its active members and retirees in Davao del Norte province, as well as in the city of Montevista in Davao de Oro province, will be on “ginhawa for all” emergency loans until Saturday , 7.

Applications for this loan program began on April 8 last year after heavy rains damaged crops, homes, infrastructure, land and other critical local government facilities in the two named areas.

GSIS President and General Manager Rolando Macasaet said members and retirees with outstanding emergency loans could take out 40,000 pesos, while new loan applicants could borrow 20,000 pesos.

“Retirement and disability retirees residing in the two counties are also eligible for the loan, provided their net monthly benefit after borrowing is at least 25 percent of their base monthly benefit,” GSIS said.

“To qualify, active members must reside or work in the disaster area, not be on unpaid leave, not have an pending administrative or criminal proceeding, have at least three monthly premium payments within the last six months prior to application; and have a net income no less than the amount required under the General Appropriations Act after all monthly obligations have been deducted,” the GSIS added.

GSIS said that “Members who have emergency loans that have been unpaid for six months or less (arrears) or more than six months (already due and collectable) may request an emergency loan extension.”

“The emergency loan is to be paid in 36 equal monthly installments with 6 percent interest. It also has loan amortization insurance, which considers the loan to be fully paid in the event of the borrower’s death, provided the loan payment is current,” according to GSIS.

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