State pension fund Government Service Insurance System (GSIS) has opened its emergency loan window in five more areas in Oriental Mindoro affected by the oil spill from tanker Princess Empress that capsized and sank off Naujan and Pola towns on February 28.
“We have allocated P193.92 million in emergency loans for our 7,714 active members and old-age and disability pensioners in Calapan City, as well in as the municipalities of Baco, San Teodoro, Soccoro and Victoria. They may now apply for the loan until May 17,” GSIS president and general manager Wick Veloso said.
Qualified to apply for the loan are members in active service and not on leave of absence without pay; have at least three months of paid premiums within the last six months prior to application; have no pending administrative or criminal case; have no due and demandable loan; and have a net take-home pay of not lower than P5,000 after all required monthly obligations have been deducted.
Old-age and disability pensioners are also qualified to apply if their resulting net monthly take-home pension after loan availment is at least 25% of their basic monthly pension, the GSIS said in a statement.
Members with existing emergency loan balance may borrow up to P40,000 to pay off their previous emergency loan balance and still receive a maximum net amount of P20,000. Meanwhile, pensioners and those without existing emergency loan may apply for a P20,000 loan.
The loan is payable in three years or 36 equal monthly installments at an interest rate of 6 percent per annum.
GSIS first opened the loan window for 5,170 members and pensioners in nine Oriental Mindoro areas with the application deadline set on April 9.
For further details on the emergency loan, members and pensioners may visit the GSIS website (www.gsis.gov.ph) or Facebook account (@gsis.ph); email gsiscares@gsis.gov.ph; or call the GSIS Contact Center at 8847-4747 if in Metro Manila or 1-800-8-847-4747 (for Globe and TM subscribers) or 1-800-10-847-4747 (for Smart, Sun, and Talk ’N Text subscribers).