GSIS offers P20k loan to members affected by ‘Ondoy’

The state-run Government Service Insurance System (GSIS) will provide P20,000 emergency loan to each eligible member who live in areas declared under the state of calamity due to tropical storm "Ondoy." In a text message to reporters, the Office of the President quoted GSIS General Manager Winston Garcia as saying that the loan would be available starting October 1, Thursday. At least 26 areas have been placed under state of calamity due to floods caused by "Ondoy." These are Metro Manila, Aurora Province, Quirino, Nueva Viscaya, Nueva Ecija, Pangasinan, Tarlac, Zambales, Pampanga, Bulacan, Rizal, Quezon, Isabela, Mountain Province, Ifugao, Benguet, La Union, Ilocos Sur, Cavite, Batangas, Mindoro Occidental, Mindoro Oriental, Marinduque, Camarines Norte, and Bataan. The National Disaster Coordinating Council (NDCC) placed the number of fatalities at 140 as of Monday afternoon, while 32 others remain missing. Based on the GSIS Web site, the loan bears an annual interest rate of 8 percent and is payable in three years. A monthly amortization of P688.89 will be deducted from the salaries of the borrowing members. The loan can be availed of using the GSIS wireless automated processing system kiosk or G-W@PS kiosk anywhere in the country or via over-the-counter application to be filed in GSIS offices covering the above mentioned areas. To qualify for an emergency loan, the member must be: - A bona fide employee of the government office within the declared calamity area; - 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. - The agency of the member-applicant must not be suspended due to non-payment and non-remittance of premiums and loans. - GMANews.TV