GSIS offers P18.5B in loans for typhoon victims

The Government Service Insurance System (GSIS) has allocated P18.5 billion for emergency loans for members and pensioners affected by typhoon Carina and the southwest monsoon.

This loan program is available to approximately 864,089 eligible GSIS members and pensioners in areas declared under a state of calamity, including Batangas, Rizal, and the National Capital Region (NCR).

Applications for the emergency loan will be accepted from July 26 to October 28, 2024.

Members can apply through the GSIS Touch mobile app or at GWAPS kiosks located in various government offices and malls.

Members with existing emergency loans can receive up to P40,000, covering their outstanding balance and providing a net P20,000.

Those without outstanding loans can apply for a maximum net amount of P20,000.

The loan has a six percent interest rate per annum and a three-year repayment period.

Eligibility requirements include not being on unpaid leave, having no pending administrative or legal cases, having paid at least six monthly premiums, and maintaining a net take-home pay of at least P5,000.

Pensioners must have a net monthly pension that is at least 25 percent of their gross pension after loan deduction.