The Government Service Insurance System (GSIS) said it allocated over P1.8 billion in emergency loans to help 72,846 active members and pensioners in Negros Occidental affected by the eruption of Mount Kanlaon.
Applications for the loan are open until Jan. 21, 2025, GSIS said.
Eligible applicants include active members who live or work in areas declared under a state of calamity.
“They must have updated premium payments within the last six months, no overdue loans for more than six months, and a minimum take-home pay of P5,000 after deductions. Members on leave without pay or with pending administrative or criminal cases are not qualified,” the fund manager said.
Old-age and disability pensioners residing in the affected areas can also apply if their net monthly pension remains at least 25 percent after loan deductions.
Members with no existing emergency loan and eligible pensioners can borrow up to P20,000. Those with an outstanding emergency loan may apply for up to P40,000, with the remaining balance deducted from the new loan.
The loan carries a 6-percent annual interest rate and is payable over three years. It also includes redemption insurance, which clears the borrower’s remaining balance in case of death, provided payments are up to date.
Loan proceeds will be credited directly to the borrower’s eCard or UMID card.
