The state-run pension for government employees has earmarked P11 billion for its members and pensioners affected by Typhoon Lando (international name: Koppu).
According to of the Government Service Insurance System (GSIS) 340,000 active members, and 58,000 old-age pensioners will be able to take out emergency loans through the alloted fund.
Launched on October 23, the GSIS emergency loan is open to members and pensioners in the provinces of Aurora, Nueva Ecija, and Pangasinan, which the government declared as calamity areas until November 22, 2015.
The emergency loan package consists of an increased credit limit of P40,000 for borrowers who have outstanding balance in their existing emergency loan while first-time borrowers and pensioners may borrow up to P20,000 each.
“There are more than 148,000 active members in Northern Luzon who may avail of the P40,000 loan while 192,000 active members and 58,000 pensioners are qualified to avail of the P20,000 loan,” GSIS President and General Manager Robert G. Vergara said on Tuesday.
The loan has a yearly interest rate of 6 percent and is payable in three years or 36 monthly installments.
The emergency loan program is covered by a redemption insurance which deems the loan fully paid in case a borrower dies.
“For the coverage of other Lando-hit provinces in North Luzon in the loan program, the GSIS branch managers in Baguio, Bataan, Bayombong, Bulacan, Cauayan, La Union, Laoag, Pampanga, Tarlac, and Tuguegarao are actively coordinating with local government units on the issuance of similar resolutions,” Vergara said.