MANILA, Philippines — The Multi-Purpose Loan (MPL) Plus program, which has a credit ceiling of…
GSIS provides a P511-million emergency loan to two Davao regions.
MANILA – The Government Service Insurance System (GSIS), a state pension fund, has set aside PHP511 million under the Ginhawa for All Emergency Loan for its active members, as well as old-age and disability pensioners in Davao del Norte province and Montevista, Davao de Oro municipality.
GSIS has extended the loan window until May 7, 2022 to assist over 25,000 impacted members and retirees in these districts, which have been declared disaster areas due to major flooding caused by continuous heavy rainfall.
Flooding wreaked havoc on homes, crops, properties, key infrastructure, and critical facilities.
“May mga kababayan na makaranas ng kalamidad tayo. Makakahiram sila ng hanggang PHP40,000 para sa ating members at retirees na may binabayaran pang emergency loan at nais muling mag-apply nito. lbabawas sa kanilang loan profits ang natitira pa nilang balanse. Pwede silang mag-apply ng PHP20,000 sa mga walang emergency loan. (We have friends who are always beset by disasters.) Members and retirees who are still paying off an emergency loan and want to apply for this loan can borrow up to PHP40,000. Their loan proceeds will be used to pay off the remainder. Those who do not have an emergency loan can apply for PHP20,000) “Rolando Ledesma Macasaet, president and general manager of GSIS, stated in a statement on Monday.
The emergency loan has a 6-percent interest rate and is repayable in 36 equal monthly installments.
It also features loan redemption insurance, which ensures that the debt is fully reimbursed in the event of the borrower’s death, as long as the loan payment is current.
Active members must be residing or working in the disaster areas, not be on leave without pay, have no pending administrative case or criminal charge, have made at least three monthly premium payments in the six months prior to application, and have a net take-home pay not less than the amount required under the General Appropriations Act after all monthly obligations have been deducted.
Members with emergency loans that have been outstanding for six months or less, or have been due and demandable for more than six months, may apply for emergency loan renewal.
Pensioners in the two locations who are over the age of 65 or disabled may apply for the loan as long as their net monthly pension after the loan is at least 25% of their basic monthly pension.
Loan applications can be submitted through the GSIS Touch mobile app, the Electronic GSIS Member Online (eGSISMO) facility, or the GSIS Wireless Automated Processing System (GWAPS) kiosk; emailed to the GSIS handling branch; dropped off in GSIS office lobbies; or handed in at any GSIS office.