GSIS raises emergency loan amount to P40K

BUSINESS
April 30, 2020

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GOVERNMENT workers can now avail of emergency loans from the Government Service Insurance System (GSIS) up to P40,000.
    During the #Laging Handa PH briefing aired over the state-owned television network, PTV, GSIS president Rolando Macasaet said the agency’s Board of Trustees have decided to increase the loanable amount after noting that some of those who applied for emergency loans have existing loans.
    Under GSIS rules, the outstanding loan amount of a member will be deducted from the proceeds of the emergency loan once the application has been approved.
    Emergency loans may be availed of within three months after the declaration of a state of calamity in an area.
    GSIS members may apply for emergency loans after Malacanang declared a state of calamity nationwide since March 16 and the declaration will last for six months “unless earlier lifted or extended as circumstances may warrant” due to the coronavirus disease (Covid-19) pandemic.
    Macasaet said they are accepting online loan applications because of the enhanced community quarantine (ECQ) declared over Luzon, among other areas.
    He said the system has yielded good results, with total loan applications reaching nearly 40,000 with payout almost reaching P4 billion.
    He said GSIS members who are medical front-liners will get additional life insurance if they die of the virus.
    He said GSIS members are automatically given a life insurance coverage amounting to 150 percent of their salary multiplied by 12.
    He, however, said that because of the pandemic, GSIS officials decided to give medical front-liners who are GSIS members additional insurance amounting to P500,000.
     He said they have been received reports that eight GSIS members who are medical front-liners have died because of Covid-19. (PNA)

 

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