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GSIS readies emergency loans for members, pensioners hit by Hinatuan earthquake

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State workers’ pension fund Government Service Insurance System (GSIS) on Wednesday said it is ready to extend emergency loans to its members and pensioners in Caraga Region adversely affected by the 7.4 magnitude earthquake that jolted Surigao del Sur on Saturday, December 2.

In a news release, GSIS said its Emergency Loan program is ready to be availed by qualified members.

Those who have no existing emergency loan may borrow up to P20,000, it said.

Meanwhile, those who have an existing emergency loan balance may borrow up to P40,000 to pay off their previous emergency loan balance and will still receive a maximum net amount of P20,000.  

GSIS added that pensioners are also eligible to apply for a loan of P20,000.

“Eligible applicants for the emergency loan are active members residing or working in the calamity area who are not on leave of absence without pay and have paid their premiums within the last six months prior to application,” the pension fund said.

“They should have no pending administrative or criminal case and have a resulting net take-home pay of at least P5,000 after all the required monthly obligations have been deducted,” it added.

GSIS said old-age and disability pensioners residing in calamity areas may also avail of the loan as long as their resulting net monthly pension after loan availment is at least 25% of their basic monthly pension and they have no outstanding loan being deducted from their monthly pension except pension loan.

The emergency loan has a low interest rate of 6% and a three-year payment term. 

“With a redemption insurance feature, the balance will be deemed fully paid in the event of the borrower’s death, as long as payments are updated,” the pension fund said.

Several houses and infrastructure in Mindanao sustained damage following the magnitude 7.4 earthquake on Saturday evening. 

The earthquake struck off the coast of Hinatuan. Its epicenter was located 30 kilometers northeast of the Surigao del Sur town.

A tsunami alert was issued and was lifted on Sunday morning.

GSIS said members and pensioners hit by the earthquake may apply for the emergency loan using the GSIS Touch mobile application, which is available for download from the Google Play Store and Apple App Store. 

“They may also apply through the GSIS Wireless Automated Processing System (GWAPS) kiosks, found in all GSIS offices, selected Robinson’s and SM supermalls, and large government offices such as the Department of Education,” it said.

“Over-the-counter application will be allowed if the GWAPS kiosk is offline or if the borrower has lost or defective ecard, unreadable biometrics or has temporary-issue eCard,” it added. —Ted Cordero/KBK, GMA Integrated News

Read more, click here: GMA News

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