June 12, 2023
As the hazardous eruption of Mayon Volcano looms, Government Service Insurance System (GSIS) President and General Manager (PGM) Wick Veloso announced the pension fund’s readiness to lend assistance to members and pensioners in Albay province who will be displaced by the natural disaster.
“We have our emergency loan window on standby in case the situation worsens for our members and pensioners. They might be forced to leave their homes and would need financial aid to see them through,” GSIS PGM Veloso said.
The announcement was made after the Philippine Institute of Volcanology and Seismology announced today the possibility of raising the alert level for Mayon Volcano to 4. Hot gas, debris, and rocks are being spewed by the crater, which warns of a catastrophic eruption any time soon.
Under the loan, members who have 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 existing emergency loan may apply for P20,000. Pensioners are also eligible to apply for a loan of P20,000.
Eligible applicants must be active members residing or working in the calamity area, not on unpaid leave, with a minimum of three months’ paid premiums within the last six months; and have no due and demandable loan. 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.
Old-age and disability pensioners residing in the calamity areas may also avail of the loan as long as their resulting net monthly pension after loan availment is at least 25% of their basic monthly pension.
The loan has a low interest rate of 6% and three-year payment term. With a redemption insurance feature, the balance will be deemed fully paid in the event of the borrower’s death, as long as payments are updated.
For further details, members and pensioners may visit the GSIS website (www.gsis.gov.ph) or Facebook page (@gsis.ph); email gsiscares@gsis.gov.ph; or call the GSIS Contact Center at 8847-4747 (if in Metro Manila) or 1-800-8-847-4747 (for Globe and TM subscribers) or 1-800-10-847-4747 (for Smart, Sun, and Talk ‘N Text subscribers).