Monday, December 22, 2014

GSIS offers calamity loan in Cotabato, Palawan



Active Government Service Insurance System (GSIS) members working or residing in Carmen, Cotabato, and those in the municipalities of Araceli, Dumaran, and Taytay in Palawan, including old-age pensioners in the latter areas, may now apply for emergency loan.

All four municipalities were declared under a state of calamity after a series of bad weather conditions, including typhoons Paeng and Queenie, wreaked havoc last month.

Under the GSIS Enhanced Emergency Loan Program, active members are qualified to apply provided they are not on leave of absence without pay, have no arrears in paying mandatory monthly premium contributions, and have no loans in default.

“We understand how hard it is to be struck by a calamity more than once within the year, so we doubled the loanable amount to P40,000 for members with existing emergency loans. This enables them to take home bigger loan proceeds,” said GSIS President and General Manager Robert G. Vergara.

He added that the required payment of 12 monthly amortizations prior to loan renewal has also been waived.

First-time borrowers are entitled to P20,000 in loanable amount. Old-age pensioners in the three Palawan municipalities may avail of the same amount.

Emergency loan for both members and pensioners, which carry a 6 percent interest per annum, is payable in 36 monthly installments. The first loan amortization is deducted from the borrower’s salary or pension three months after the loan was granted.

The pensioner emergency loan (PEL) is covered by a loan redemption insurance, which means that in case of the pensioner’s demise, survivors no longer have to pay the loan balance.

Interested members may apply through the GSIS Wireless Automated Processing System (GWAPS) kiosks located in GSIS offices, provincial capitols, city halls, selected municipal offices, large government agencies such as the Department of Education, and selected Robinsons Malls. The loan proceeds are electronically credited to the borrower’s GSIS eCard or UMID card.

GSIS will accept applications from members in Carmen, Cotabato, until 13 January 2015, while members and pensioners in the three Palawan municipalities may apply until 17 January 2015.

GSIS has allotted a total of P15 billion for the Emergency Loan Program (ELP) this year. (GSIS)

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