State pension fund Government Service Insurance System (GSIS) has allocated P5 billion as emergency loan fund for members affected by Typhoon “Ondoy.”
GSIS president and general manager Winston Garcia said members who want to avail of the loan can apply for it starting Oct. 1.
He said qualified GSIS members living in areas declared by the National Disaster Coordinating Council (NDCC) as under the state of calamity due to Ondoy can avail of the P20,000 loan.
NDCC earlier declared as areas under the state of calamity the National Capital Region (NCR), Mt. Province, Ifugao, Benguet, Pangasinan, La Union, Ilocos Sur, Isabela, Quirino, Nueva Vizcaya, Aurora, Nueva Ecija, Zambales, Pampanga, Bulacan, Tarlac, Bataan, Cavite, Laguna, Batangas, Rizal, Quezon, Occidental Mindoro, Oriental Mindoro, Marinduque, Catanduanes, Camarines Norte and Camarines Sur.
Garcia said the loan can be obtained from any GSIS Wireless Automated Processing System kiosk or G-W@PS kiosk from 8 a.m. to 8 p.m.
He added that the loan is payable in three years and carries an annual interest rate of eight percent.
Earlier, state-run Home Development Mutual Fund (Pag-Ibig Fund) said it has allocated P3 billion initially as loan funds for members affected by Ondoy.
Pag-Ibig chief executive officer Jaime Fabiana said they would look for additional funds once the initial amount will not be enough.
The GSIS emergency loan bears an interest rate of eight percent per year and payable in equal monthly installment for a term of three years.
Qualified members have until Oct. 31, 2009 to submit their application for the emergency loan.
“The GSIS Emergency Loan Program is in response to the call of President Gloria Macapagal-Arroyo to provide the much-needed helping hand to those who were adversely affected by Ondoy,” said Garcia.
“We hope that by making this program available, we can somehow help them get back on their feet, especially those who suffered great losses because of this calamity,” he added.
To qualify for the emergency loan, the member-applicant must be: A bona fide employee of the government office within the declared calamity area; be in active service and not on leave of absence without pay; has no pending criminal or administrative charges; has no arrearages in the payment of mandatory social insurance contributions; and has no loan that has been declared in default.
Non-permanent employees, including co-terminus, casual, contractual, temporary can also apply for the emergency loan as long as they have at least three years of continuous service and that they are in active duty.
In addition, the agency of the member-applicant must not be suspended due to non-payment and non-remittance of premiums and loans. If the member-applicant still has an outstanding emergency loan, this will be deducted from the proceeds of the new loan. –Daily Tribune
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For widespread, practical equality!”
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