GSIS earmarks P705.36 million for calamity-affected Zamboanga members

The Government Service Insurance System (GSIS) on Friday opened the emergency loan window for its members and pensioners adversely affected by heavy rain and water supply problems in Zamboanga City.

In a statement, GSIS said a total of 23,872 active members and 5,208 old-age and disability pensioners who worked or resided in Zamboanga City may apply for the emergency loan.

The deadline for applying is on April 25.

The pension fund said it earmarked P705.36 million for the emergency loan program to help members and pensioners “affected by heavy rainfalls and depleting water supply in the city.”

The GSIS said members with an existing emergency loan balance may borrow up to P40,000 to clear the balance of their previous emergency loan and receive a maximum net amount of P20,000.

Meanwhile, pensioners and those without an existing emergency loan may apply for a P20,000 loan.

To qualify for the GSIS Emergency Loan, the pension fund said active members must not be on unpaid leave, have no pending legal cases, have paid premiums within the last six months, and their net take-home pay should not be lower than P5,000 as prescribed by the General Appropriations Act.

Old-age and disability pensioners residing in calamity areas may also avail of the loan as long as their resulting net monthly pension after availing the loan is at least 25% of their basic monthly pension.

The loan has a low interest rate of 6% and a payment period of three years.

The pension fund said the loan also includes redemption insurance coverage, which will pay off the loan balance in case of the borrower’s death during the loan term, for as long as the payments are updated.

“Members and pensioners may apply for the loan using the GSIS Touch mobile application, which may be downloaded from the Google Play Store and Apple App Store,” it said. — DVM, GMA Integrated News