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GSIS grants ₱10-B loans to members, pensioners

By CHINO S. LEYCO

State-run Government Service Insurance System (GSIS) said the pension fund has granted ₱10.12 billion in loans for more than 200,000 active members and pensioners nationwide this year.

GSIS logo (Courtesy of gsis.gov.ph)

GSIS logo (Courtesy of gsis.gov.ph)

In a statement, Rolando Ledesma Macasaet, GSIS president and general manager said that of the total, ₱4.78 billion or 47 percent were released in the form of emergency loan while ₱5.34 billion or 53 percent were disbursed through Consolidated Loan (conso-loan), policy loan and pension loan.

Conso-loan, policy loan and pension loan are regular loans offered by GSIS that may be availed of anytime by qualified borrowers while emergency loan is for those affected by disasters in regions or provinces declared as calamity areas by the government.

The COVID-19 Emergency Loan, launched last April 13, was the first emergency loan window opened by GSIS on a national scale after President Duterte declared a state of public health emergency in the entire country.

Early in May, GSIS enhanced the features of the COVID- 19 Emergency Loan program by increasing the credit limit to ₱40,000.

The increase will enable members to renew their loan even if they have not yet made any pay¬ment in their previous emergency loan account such as the victims of the Taal Volcano eruption in January this year.

For those who have no prior emergency loan or outstanding balance in their previous loan, the loanable amount is ₱20,000.

GSIS also allowed members to qualify for the emergency loan even if they have incurred arrears from their previous emergency loan, and they have due and demandable accounts from other loans.

In addition, the pension fund reduced the required premium payment (government and personal share) to be able to qualify for the loan – from six months to three months within the last six months before the application date.

To avail of the loan, GSIS members may either submit their loan applications via email or apply through the GSIS Wireless Automated Processing System (GWAPS) kiosks located in all GSIS branch and extension offices; provincial capitols; city halls; selected municipal offices; large government agencies such as the Department of Education; and selected Robinsons and SM Malls. Once the loan is approved, the proceeds will be directly credited to the Unified Multi-Purpose ID (UMID) card or temporary eCard account of the borrower.

The availment period for the COVID-19 Emergency Loan is until July 12 this year.


Source: Manila Bulletin (https://business.mb.com.ph/2020/05/22/gsis-grants-%e2%82%b110-b-loans-to-members-pensioners/)

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