GSIS opens emergency loans for 2 Davao regions
THE Government Services Assurance System (GSIS) has earmarked over 511 million pesos for emergency loans to members in flood-affected areas in Davao del Norte and Montevista, Davao de Oro.
In a statement on Monday, GSIS said the funds were available for active members as well as retirees and invalids.
The loan window will remain open until May 7, 2022 for over 25,000 affected members and retirees in the two areas, which have been placed in a state of calamity due to massive flooding caused by continued heavy rains.
Active members and retirees with existing emergency loans can borrow up to 40,000 pesos, said Rolando Ledesma Macasaet, president and CEO of GSIS.
“For those who don’t have an emergency loan, they can borrow up to 20,000 pesos,” he added.
The loan can be repaid in 36 monthly installments equal to 6% interest. It is also accompanied by credit repurchase insurance, which considers the loan fully repaid in the event of the death of the borrower and provided that the payments are up to date.
To be eligible, active members must reside or work in disaster areas, not be on unpaid leave, have no pending administrative cases or criminal charges, have paid at least three monthly premiums in the last six months preceding the application and have a net net salary not less than the amount required under the General Credit Law after deduction of all monthly obligations.
Members with outstanding emergency loans six months or less (arrears) or more than six months (already due and payable) may request an emergency loan renewal.
Pensioners and invalids residing in the two regions can also benefit from the loan as long as their net monthly pension after using the loan is at least 25% of their basic monthly pension.
The loan application can be submitted through the GSIS Touch mobile application, the GSIS Member Online Electronic Facility, or the GSIS Wireless Automated Processing System kiosks; emailed to the GSIS processing arm; placed in drop boxes located in the halls of the GSIS offices; or submitted at the counter of any GSIS office.