The Government Service Insurance System (GSIS) has made ₱1.69 billion in emergency loans available to 68,506 active members and pensioners affected by a dengue outbreak in Albay and Naga City and by the El Niño phenomenon in Camarines Norte.
The loan window follows declarations of a state of calamity in each of the three areas. Applications from Albay close on Oct. 24, from Camarines Norte on Oct. 27 and from Naga City on Oct. 28. Eligible borrowers can apply through the GSIS Touch mobile app.
GSIS also keeps emergency loan windows open in other calamity-declared areas. Applications in Cavite close on Nov. 12, and applications in Rodriguez, Rizal, close on Nov. 16.
Borrowers with no outstanding emergency loan may borrow up to ₱20,000. Those with an existing emergency loan may qualify for a new loan of up to ₱40,000. The proceeds first pay off the balance of the old loan, and the amount the borrower receives is capped at ₱20,000.
The loan carries a fixed interest rate of 6 percent a year and is repaid over three years. The monthly amortization is ₱655.56 for a ₱20,000 loan and ₱1,311.11 for a ₱40,000 loan, or about ₱23,600 and ₱47,200 over the full 36 months.
Loan redemption insurance covers every borrower. It settles the remaining balance if the borrower dies, provided payments are up to date.
Active members must work or live in a calamity-declared area, must not be on unpaid leave and must have no pending administrative or criminal case. They must have paid at least three months of premiums within the previous six months and have no loan delinquency of more than six months. Their net monthly take-home pay after all mandatory deductions must be at least ₱5,000.
Old-age and disability pensioners who live in the declared areas may also apply. Their net pension after loan deductions must stay at or above 25 percent of their basic monthly pension.
The Albay deadline falls on Saturday, two days from today.
