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July 21, 2024

GSIS allocates P6 billion emergency loan program for typhoon Betty victims

The Government Service Insurance System (GSIS) is gearing up its emergency loan program to provide assistance to members and pensioners nationwide who may be adversely affected by the impending arrival of Typhoon Betty.

GSIS president and general manager,Wick Veloso said the agency has set aside P6 billion this year to ensure loan assistance to individuals in need during calamities.

The Philippine Atmospheric, Geophysical, and Astronomical Services Administration (PAGASA) issued a warning that Typhoon Betty is expected to bring heavy rains, potentially triggering floods and rain-induced landslides in Northern Luzon. The effects of the typhoon are predicted to start late Sunday or early next week.

Under the emergency loan program, GSIS members with existing emergency loan balances are eligible to borrow up to P40,000 to settle their previous loan balance, while still receiving a maximum net amount of P20,000. Those without any outstanding emergency loan can apply for a loan of P20,000.

Pensioners are also eligible to apply for a loan of P20,000.

The loans come with a six percent interest rate and have a repayment period of three years.

To qualify for the loan program, applicants must be active GSIS members, not on unpaid leave, and must have paid a minimum of three months’ premiums within the last six months.