THE GOVERNMENT Service Insurance System (GSIS) has allocated P1.69 billion for its emergency loan program for members and pensioners in Albay, Camarines Norte, and Naga.
This follows the declaration of a state of calamity in the affected areas due to the increase in dengue cases and related deaths in Albay and Naga, and the impacts of the El Niño phenomenon in Camarines Norte, the state pension fund said in a press release on Wednesday.
This is expected to benefit 68,506 active members and pensioners in the three areas.
The application period will run until Oct. 24 in Albay, Oct. 27 in Camarines Norte, and Oct. 28 for Naga.
GSIS also continues to offer emergency loans in other calamity-affected areas, with the application period running until Nov. 12 for Cavite and Nov. 16 for Rodriguez, Rizal.
Under the program, members with no existing emergency loan can borrow up to P20,000, while those with an existing balance can borrow up to P40,000.
The loan has a 6% interest rate and a three-year payment term.
Old-age and disability pensioners residing in declared calamity areas may also apply, the GSIS said, provided their resulting net monthly pension after loan deduction is at least 25% of their basic monthly pension. — Aaron Michael C. Sy