GSIS allocates PHP1.5B for calamity loans

The Government Service Insurance System (GSIS) has allocated PHP1.5 billion for emergency loans to assist 62,514 affected members and pensioners in areas hit by recent calamities.

Active GSIS members can apply for the loan without documentary requirements through the GSIS Touch mobile app on Google Play and Apple App Store.

The deadline for applications varies by area: March 12 for Negros Oriental and Biliran, March 13 for Nueva Ecija's Carranglan and Licab, March 18 for Surigao del Norte’s Siargao and Bucas Grande Islands, and March 19-23 for Puerto Princesa City.

Eligibility criteria include residing or working in a declared calamity area, having no due GSIS loans, at least six months of premium payments, and earning a net monthly take-home pay of PHP5,000.

Old-age and disability pensioners can apply for a PHP20,000 loan if their basic monthly pension remains 25% after deductions.

The emergency loan comes with a 6 percent interest rate, no service fee, and a three-year repayment term, along with redemption insurance covering the outstanding balance in case of borrower's death.