The Government Service Insurance System (GSIS) has allocated over P514 million for its emergency loan program, aimed at supporting more than 23,000 active members and pensioners in typhoon-affected areas of Luzon.
The beneficiaries include individuals residing or working in the provinces of Quirino, Apayao, and Aurora, as well as Santiago City and Cabagan town in Isabela.
These areas were recently declared in a state of calamity after being battered by Typhoons Nika, Marce, Ofel, and Pepito.
The deadline for loan applications from residents of Quirino, Apayao, and Santiago City in Isabela is December 20, while those in Aurora and Cabagan town have until December 24 to apply.
Under the program, GSIS members who do not have an existing emergency loan can borrow up to P20,000.
Those with existing loan balances may apply for up to P40,000, with the condition that net loan proceeds do not exceed P20,000.
The loan carries a six percent interest rate and a three-year repayment period.
Additionally, the loan includes redemption insurance, which covers the outstanding balance in the event of the borrower’s death, provided the loan payments are up to date.
