GSIS to offer emergency loans to Maymay, habagat-hit members

MANILA, Philippines — The Government Service Insurance System (GSIS) will offer up to P40,000 in emergency loans to members and pensioners in areas declared under state of calamity due to Tropical Storm Maymay and southwest monsoon (habagat) rains.

In a statement, GSIS said it will provide as much as P40,000 to qualified borrowers who already have an outstanding emergency loan. Part of the new loan will pay off the existing balance, with the rest released to the borrower.

READ: Monsoon rains wreak havoc across country

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Those without an existing emergency loan may borrow up to P20,000. The loan program will carry an interest rate of six percent per annum and is payable over three years.

Eligible borrowers are those who reside or work in a declared calamity area, in active service, have no pending administrative or criminal case, have paid premiums within the last six months prior to application, and maintain a net take-home pay of at least P5,000 after loan deductions.

Also eligible are old-age and disability pensioners residing in declared calamity areas as long as their resulting net monthly pension after loan deduction is at least 25 percent of their basic monthly pension. /pai