State pension fund Government Service Insurance System is prepared to open its emergency loan program to assist its members and pensioners in Luzon who will be affected by super typhoon "Karding," GSIS President and General Manager Wick Veloso said.

"We have allocated P4 billion for our emergency loan budget this year so we are ready to help our kababayan in Luzon. We will ensure that the loan assistance will be available to all qualified active members and old-age and disability pensioners based in the affected areas," the GSIS chief said.

Members who have existing emergency loan balance may borrow up to P40,000 to pay off their previous emergency loan balance and still receive a maximum net amount of P20,000. Those without existing emergency loans may apply for P20,000. Pensioners may likewise apply for a P20,000 loan. The loan has a 6 percent interest, payable in two years.

How borrowers qualify

Qualified to apply are members who are in active service and not on leave of absence without pay; have at least three months of paid premiums within the last six months; have no pending administrative or criminal case, and have a net take-home pay of not lower than P5,000 after all required monthly obligations have been deducted.

Meanwhile, other loan windows are available for members and pensioners who are not qualified for an emergency loan.
Members may apply for the Multi-purpose Loan Plus which has a maximum loanable amount of P5 million, while pensioners may borrow up to six-month's worth of their pension or up to P500,000 under the enhanced Pension Loan program.

GSIS has also set aside P10 million worth of financial assistance to benefit 25 schools nationwide, 10 of which are in Luzon, as part of its Adopt-a-School Program in partnership with the Department of Education. The assistance includes support for technology and assistive learning devices, infrastructure, and furniture.