The Government Service Insurance System (GSIS) has allocated P1.8 billion to provide emergency loans for 72,846 active members and pensioners in Negros Occidental affected by the Mount Kanlaon eruption.
“This program shows our dedication to helping members and pensioners recover from unexpected crises,” said GSIS President and General Manager Wick Veloso.
He said that they will accept applications until January 21, 2025, giving timely financial assistance to those impacted by the disaster.
GSIS requires active members applying for the loan to live or work in areas under a state of calamity.
Applicants must have paid premium contributions over the past six months, maintain no overdue loans exceeding six months, and keep a minimum take-home pay of PHP 5,000 after deductions.
However, the agency excludes members on unpaid leave or with pending administrative or criminal cases.
Pensioners, including old-age and disability recipients, may also apply if their net monthly pension remains at least 25% after loan deductions.
Veloso added that they allow first-time applicants to borrow up to PHP 20,000, while those with existing emergency loans can apply for up to PHP 40,000.
The GSIS would deduct any remaining balance from the previous loan before releasing new funds. Borrowers can repay the loan over three years at a 6% annual interest rate, he said.
Moreover, GSIS also includes redemption insurance, which clears any outstanding balance in case of the borrower’s death, provided they make up-to-date payments. They also credits loan proceeds directly to the borrower’s eCard or UMID card for quick access.
Reymund Titong is a Filipino journalist steadily building his voice in the field of news reporting, driven by a commitment to tell meaningful and relevant stories.
He serves as a correspondent for Rappler, maintains a personal blog on Medium, and is the communications officer of Hope Builders Organization Negros Island.