The Government Service Insurance System (GSIS) increased the emergency loan for its members to P40,000 from initial P20,000 amid the coronavirus pandemic.
GSIS President and General Manager Rolando Macasaet said Friday P40,000 loan is payable in three years at 6% annual interest.
“P40,000 na po ang mauutang ng ating mga miyembro, and this has been in effect two days ago. Puwede no sila mag apply. Punta lang po sila sa aming kiosk o sa website na www.gsis.gov.ph,” Macasaet told Dobol B sa News TV in an interview.
(Our members can now borrow P40,000, and this was in effect two days ago. They can now apply. They can just go to our kiosk or the website www.gsis.gov.ph.)
“Kung nakautang na po sila noong P20,000, puwede po sila mag-apply ulit para maging P40,000,” Macasaet added.
(If they already availed the P20,000, they can again apply to get the P40,000.)
GSIS President also said they eased the requirement for the loan application amid the pandemic crisis.
“Ni-relax po namin ang requirements. Kung meron po kayong [kaunting] delinquencies sa outstanding loans, puwede pa rin po kayo umutang. Ang importante po muna ngayon ay makatulong kami,” Macasaet pointed out.
(We eased the requirements. If we have a few delinquencies in our outstanding loans, we could still apply. The important thing now is that we could help.)
Also read: How to Apply for GSIS Consoloan, Policy, Pension Loan Online 2020
Who can apply for P40k GSIS emergency loan
Macasaet, however, clarified that only members whose net take-home pay is valued at P5,000 and above (after deduction of monthly payments on existing loans) could qualify for the P40,000 emergency loan.
“Nasa batas po kasi iyong [it’s in our law] P5,000 ang [is] threshold to prevent over-borrowing,” Macasaet said.
He also reported that as of April 10, GSIS already released P4 billion worth of emergency loans to its 50,000 members.
Macasaet explained that emergency loan processing could take some time since they have a reduced workforce due to the COVID-19 threat.
As of April 20, the Philippines has recorded 8,488 confirmed cases, 568 deaths, and 1,043 deliveries.