NextGen Day

The Government Service Insurance System (GSIS) declared on Monday that its members and pensioners from five more communities in Oriental Mindoro who were impacted by the oil leak can now apply for their emergency loans.

In Calapan City and the municipalities of Baco, San Teodoro, Socorro, and Victoria, 7,714 active members, old-age pensioners, and disability pensioners would each receive an emergency loan totaling PHP193.92 million, according to GSIS President and General Manager Wick Veloso.

This comes after the state pension fund allocated PHP315 million in emergency loans last month for 1,896 old-age and disability pensioners in nine additional Oriental Mindoro cities and 11,024 active members.

They now have until May 17 to apply for the loan, Veloso stated in a GSIS press release.

Earlier, Veloso claimed that the action heeds President Ferdinand R. Marcos Jr.’s plea for the government to provide assistance to individuals who were impacted by the oil disaster.

More than half of Oriental Mindoro has been impacted by the oil disaster. The almost 13,000 GSIS members who work or live in the impacted areas, as well as the seniors who live there, will benefit from our emergency loan program, he added.

Veloso reaffirmed that members in active service who are not on a leave of absence without pay, who have paid their premiums for at least three months in the six months prior to applying, who have no pending administrative or criminal cases, who do not owe any outstanding loans, and who have a net take-home pay of at least PHP5,000 after deducting all required monthly obligations, are eligible to apply.

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.

Pensioners and others who do not currently have an emergency loan may apply for a PHP20,000 loan in the meantime.

The loan must be repaid in three years, or in 36 equal monthly installments, at a 6% annual interest rate.

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