The Government Service Insurance System (GSIS) has allocated P2.64 billion for its emergency loan program to assist more than 108,000 members and pensioners affected by recent natural disasters across the country.
The financial assistance program aims to help families recover from the impact of flooding, landslides, typhoons, and other climate-related disruptions that have affected several provinces in recent months.
Among the areas covered is Sorsogon, where 12,909 members and pensioners affected by various calamities may avail themselves of nearly P319 million in emergency loans. Applications in the province will be accepted until May 15.
In Cagayan, which continues to grapple with the effects of El Niño, GSIS has earmarked almost P733 million in emergency assistance for 31,566 qualified members and pensioners. The application period in the province runs until May 31.
Meanwhile, nearly P891 million has been allocated for 36,396 members and pensioners in Davao de Oro and Surigao del Sur, areas hit hard by severe flooding brought by torrential rains and Typhoon “Basyang.” Applications for the loan program in these areas will be accepted until May 9.
GSIS also allotted P696.6 million for 27,588 members and pensioners in Davao del Norte, where communities were affected by flooding and landslides. Borrowers in the province may apply until June 3.
The emergency loan program is intended to provide immediate financial relief to affected families as they rebuild their homes and livelihoods.
Qualified borrowers include active GSIS members who either work or reside in areas declared under a state of calamity. Applicants must not be on leave without pay, should have no pending administrative or criminal case, and must maintain a net take-home pay of at least P5,000 after all deductions.
Old-age and disability pensioners may also apply, provided they retain at least 25 percent of their monthly pension after loan amortization.
Under the program, borrowers may repay the loan over 36 monthly installments with a 6 percent annual interest rate. The package also includes a two-month grace period before the first deduction and comes with loan redemption insurance.
Members and pensioners with existing emergency loan balances may borrow up to P40,000 to settle previous obligations and still receive a maximum net amount of P20,000. Those without existing emergency loans may borrow up to P20,000.
Applications may be submitted through the GSIS Touch mobile application, with approved loan proceeds credited directly to the borrower’s ATM account.