The Government Service Insurance System (GSIS) has readied its emergency loan program for members and pensioners who have been affected by the magnitude 7 earthquake in northern Luzon on Wednesday morning of July 27. Its members without an existing emergency loan may apply for a P20,000 loan.
“GSIS members who have existing emergency loan balance may borrow up to Php40,000 to pay off their previous emergency loan balance and still receive a maximum net amount of Php20,000,” the statement added, whereas the loan will be payable in equal monthly, installments for 36 months, with an approximate 6% interest rate computed in advance.
The insurance system also said that members in active service and not on leave of absence without pay have at least three [3] months of paid premiums in the last six months, have no pending administrative or criminal case, and have a net take-home pay now lower than ₱5,000 are qualified to apply.
“We will ensure that our members and pensioners will receive financial assistance, through our emergency loan, to tide them over during the crisis. We are also in touch with all public entities affected by the earthquake to check if there are damaged government properties that may claim insurance from GSIS,” said Wick Veloso, president and general manager of GSIS.
The earthquake that happened yesterday morning had its epicenter in Tayum, Abra that has left five [5] dead and at least 60 injured individuals.
It had also damaged structures, including several historic sites and led to road blockages.