State-run Government Service Insurance System (GSIS) said it is ready to provide emergency loans to members and pensioners affected by Tropical Storm Maymay and the enhanced southwest monsoon once their areas are declared under a state of calamity.
Members and pensioners with existing emergency loans may borrow up to P40,000, with part of the proceeds used to settle their outstanding balance and the remainder released to them.
Those without an existing emergency loan may borrow up to P20,000. The loans carry an annual interest rate of 6% and are payable over three years.
Active GSIS members must live or work in a declared calamity area, be in active service and not on leave without pay, and have no pending administrative or criminal case.
They must also have paid premiums within the six months before applying and retain a net take-home pay of at least P5,000 after loan deductions.
Old-age and disability pensioners living in declared calamity areas may also apply, provided their net monthly pension after loan deductions is at least 25% of their basic monthly pension. Applications may be submitted through the GSIS Touch mobile app.
