Only members and pensioners from places that have been deemed to be in a state…
GSIS designates a fund for emergency loans for Oriental Mindoro
On Wednesday, the Government Service Insurance System (GSIS) declared that the PHP315 million in urgent loans for its retirees and members who were affected by the oil spill in the province of Oriental Mindoro are now available.
Wick Veloso, president, and general manager of GSIS said the action complies with President Ferdinand R. Marcos Jr.’s request that government organizations provide assistance to those who were impacted.
More than half of Oriental Mindoro has been impacted by the oil spill. The almost 13,000 GSIS members who work or live in the affected areas, as well as the pensioners who live there, will benefit from our emergency loan program, Veloso stated.
The affected 11,024 active members and 1,896 old age and disability pensioners, particularly in the municipalities of Bansud, Bongabong, Bulalacao, Gloria, Mansalay, Naujan, Pinamalayan, Pola, and Roxas, which have been declared under state of calamity, will be eligible for an emergency loan, according to him, once the provincial government has provided the necessary documents.
“We are keeping a careful eye on the situation for changes. We reassure members and pensioners in those areas that, should the Oriental Mindoro oil spill spread to other towns and provinces, GSIS will be prepared to open the emergency loan program once a state of calamity declaration has been made and the necessary paperwork has been submitted to GSIS, Veloso promised.
The GSIS chief stated that applicants must be active military personnel who are not on unpaid leave, have paid their premiums for at least three months in the six months prior to applying, have no pending administrative or criminal cases, have no due and demandable loans, and have a net take-home pay of at least PHP5,000 after all required monthly obligations have been met.
Older and disabled retirees are also eligible to apply if the amount of their net monthly take-home pay following loan use is at least 25% of their basic monthly pension.
Members who currently have an emergency loan balance may borrow up to PHP40,000 to pay off that balance while still receiving a PHP20,000 maximum net amount. Those who are retired or do not currently have an emergency loan may apply for a PHP20,000 loan.
The loan must be repaid in three years, or in 36 equal monthly installments, at a 6% annual interest rate.
The GSIS has allotted PHP 6.2 billion in total for its emergency lending program this year.***
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