MANILA, Philippines – The ongoing Government Services Assurance System (GSIS) loan program for flooded members and retirees in two areas of Davao would disburse a total of over P511 million in aid.
In a statement on Monday, the public pension fund for government employees and retirees said that more than 25,000 of its active and retired members in Davao del Norte province as well as the city of Montevista in the province of Davao de Oro would benefit from the “ginhawa for all” emergency loan to win until Saturday, May 7.
Applications for this loan program started last April 8, following heavy rains that damaged crops, houses, infrastructure, properties and other essential local government facilities in the two aforementioned areas.
GSIS President and CEO Rolando Macasaet said members and retirees with outstanding emergency loans could benefit from 40,000 pesos, while new loan seekers could borrow 20,000 pesos.
“Retirees and disabled people residing in both regions are also eligible for the loan as long as their resulting net monthly pension after using the loan is at least 25% of their basic monthly pension,” GSIS said.
“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 salary not less than the amount required under the General Credit Law after deducting all monthly obligations,” GSIS added.
GSIS said “members who have emergency loans that are six months or less past due (overdue) or more than six months (already due and payable) can apply for an emergency loan renewal.”
“The emergency loan is repayable in 36 equal monthly installments with an interest rate of 6%. It also has a credit repurchase insurance which considers the loan fully repaid, in the event of the death of the borrower, provided that the repayment of the loan is up to date,” according to GSIS.
GSIS offers emergency loans in rain-stricken areas of Davao
GSIS reserves 63.5 million pesos to extend loan restructuring program until June 2022
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