Active members and old-age pensioners of the Government Service Insurance System (GSIS) in the entire province of South Cotabato may now apply for emergency loan until September 8.
More than P437 million was earmarked for South Cotabato, where 12,743 active members and 1,793 old-age pensioners were affected by flash floods and landslides due to continuous heavy rainfall.
First-time borrowers may apply for a P20,000 loan, while those who have emergency loan balance may borrow up to P40,000.
The loan is payable in 36 monthly instalments and carries a 6 percent interest rate per annum.
Active members living or residing in the affected areas can apply for the loan if they are not on leave of absence without pay, have no arrears in paying premium contributions, and have no loans in default.
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.
Active members who are also old-age pensioners may borrow only once.
Old-age pensioners are required to apply in person for the P20,000 emergency loan.
The pension emergency loan is covered by a loan redemption insurance, which deems the loan fully paid in case of the borrower’s demise.
Loan proceeds are electronically credited to the borrower’s GSIS eCard or unified multipurpose identification (UMID) card. (Joel C. Atencio)