Bilyonaryo - Business

GSIS readies loan program for members, pensioners who will be affected by ‘Betty’

May 26, 2023

Bilyonaryo.com

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

“We have specifically earmarked P6 billion for our emergency loan budget this year to guarantee loan assistance to members and pensioners who need help during calamities,“ GSIS president and general manager Wick Veloso said in a statement.

PAGASA issued a warning that Typhoon Betty could trigger heavy rains, potentially causing flooding or rain-induced landslides in Northern Luzon starting late Sunday or early next week.

‘Betty’ is also forecasted to usher in monsoon rains across the western parts of Central Luzon, Southern Luzon, and Visayas from Sunday or Monday onward.

The state pension fund said that under the loan, members who have an existing emergency loan balance may borrow up to P40,000 to pay off their previous emergency loan balance and still receive a maximum net amount of P20,000.

Those without any existing emergency loan may apply for P20,000. Pensioners are also eligible to apply for a loan of P20,000.

The loan comes with a six percent interest rate and has a repayment period of three years. It also includes a redemption insurance feature, which ensures that the balance will be deemed fully paid in the event of the borrower’s death, as long as payments are up-to-date at the time.

Eligible applicants must be active members, not on unpaid leave, with a minimum of three months’ paid premiums within the last six months. They should have no pending administrative or criminal case and maintain a net take-home pay of at least P5,000 after all mandatory monthly deductions.

Related News Tags: emergency loan program, GSIS, Typhoon Betty

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