P6B in GSIS emergency loans earmarked for calamity victims

The Government Service Insurance System (GSIS) has earmarked P6 billion in emergency loans for GSIS members and pensioners affected by the Mount Kanlaon eruption, El Niño, and typhoon “Aghon.” A total of 231,250 calamity victims will benefit from the program.

Applications are open until 4 July for Bohol, Capiz and Kalibo (Aklan); until 6 July for Cabanatuan City, Aborlan, El Nido (Palawan), and Quezon Province's 1st and 2nd districts; until 9 July for San Andres (Romblon); and until 19 July for San Lorenzo, Sibunag (Guimaras), San Carlos City, San Enrique and La Castellana (Negros Occidental).

Members may borrow up to P40,000 if they have existing loans, or P20,000 if they do not have existing loans. Eligible members must be active, residing or working in the declared calamity area; not on unpaid leave; with no pending legal cases; have paid premiums for at least six months; and maintain a net take-home pay of at least P5,000.

Old-age and disability pensioners in the affected areas may also apply, provided they will maintain at least 25 percent of their net monthly pension after paying the amortization.

At a low interest rate of 6 percent and a three-year payment term, the emergency loan offers a viable financial relief option.