GSIS Prepares Emergency Loan for ‘Paeng’ Victims – Manila Bulletin

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The state-run Government Services Insurance System (GSIS) said members and retirees who will be affected by Tropical Storm “Paeng” could qualify for an emergency loan.

This was announced by Wick Veloso, President and CEO of GSIS, responding to President Marcos’ call for government agencies to ensure aid is extended to those affected by the calamities.

The Philippine Atmospheric, Geophysical and Astronomical Services Administration predicted that Paeng could “intensify into a typhoon by Saturday.”

“As of October 23 this year, GSIS has already released a total of 4.5 billion pesos which has provided financial assistance to nearly 145,000 active and retired GSIS members,” Veloso said.

He added that the GSIS has allocated an additional 1.5 billion pesos in emergency loans to members and retirees in 15 areas of northern Luzon affected by the recent calamities.

“We hope to alleviate the plight of more than 69,000 GSIS members and retirees working or residing in areas declared northern calamities due to the 7.3 magnitude earthquake in July, Typhoon Karding in September, flash floods and of the dengue epidemic,” Veloso said.

The emergency loan is open to active members and retirees and invalids from Masantol, Pampanga, Occidental Mindoro, Vigan City and the municipalities of Bauko and Besao in the Mountain Province.

The loan is also open to members and retirees affected by Typhoon Karding in Nueva Ecija and the municipalities of Polillo, Patnanungan, Panukulan, Jomalig, Burdeos and General Nakar in Quezon; La Paz to Tarlac; Macabebe in Pampanga and Dingalan in Aurora.

Eligible to apply are members who are on active duty and not on leave without pay and who have at least three months of premiums paid within the last six months.

They must also have no pending administrative or criminal case; and have a net salary of at least P5,000 after deducting all required monthly obligations.

Old age and disability pensioners are also qualified to apply if their net monthly net pension after using the loan is at least 25% of their basic monthly pension.

Members with an existing emergency loan balance can borrow up to P40,000 to pay off their previous emergency loan balance and still receive a maximum net amount of P20,000.

Retirees and those without an existing emergency loan can apply for a P20,000 loan.

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