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May 27, 2024

GSIS extends P1.7 billion lilfeline to members hit by rabies, El Niño

The Government Service Insurance System (GSIS) is stepping in to offer a financial lifeline to its members and pensioners facing challenges from rabies outbreaks and El Niño’s impact in 13 areas nationwide.

The state-run pension fund allocated P1.7 billion for an emergency loan program, targeting over 77,000 individuals.

The program prioritizes active members residing or working in rabies-affected Buenavista, Marinduque, and locations grappling with El Niño, including Catbalogan City, Cebu areas, Iloilo City, Guimaras, Negros Oriental, Antique, Basilan, and Maguindanao Del Sur.

Old-age and disability pensioners in these areas are also eligible. Members with existing emergency loan balances can borrow up to P40,000 to clear their previous debt and receive a net amount of P20,000.

New applicants can access loans up to P20,000.

The program offers a favorable interest rate of six percent per annum and a three-year repayment period.

Active members must meet specific criteria:

Good standing with GSIS (no unpaid leave, pending cases)
At least six months of premium contributions prior to application
Minimum net take-home pay of P5,000 as mandated.

Pensioners need to have a net monthly pension at least 25 percent of their gross pension.