Economy · August 6, 2022

On August 5th, the GSIS will open an emergency loan to Abra

The Government Services Insurance System (GSIS) announced that it will begin accepting applications for its emergency loan program from approximately 7,000 members and retirees in Abra province today, August 5, 2022, which was the epicenter of the earthquake. of magnitude 7 which hit the country on July 27

“We are encouraging our members and retirees who have been affected by the earthquake to take advantage of the emergency loan from the GSIS. The GSIS is here to help,” Jose Arnulfo “Wick” Veloso, president and general manager of GSIS, said in a statement. issued Thursday by the government pension fund.

The GSIS said this is a reaction to President Ferdinand “Bongbong” Marcos Jr.’s request to the government to make sure that people in need of assistance receive it.

The pension fund announced that it was ready to activate the emergency loan to provide financial aid to its members and retirees in northern Luzon as early as July 28, the day after the earthquake.

However, in accordance with the regulations, he is required to suspend the start of the loan program until the affected districts have been designated as disaster areas.

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“The other provinces in northern Luzon have yet to be declared areas of disaster, but the GSIS is ready to open the emergency loan program once the declaration is made,” Veloso noted.

Seniors and disability retirees who reside in the area and are active members of the GSIS who work or live there can apply for the loan until September 4th.

Members and retirees can borrow up to P40,000 if they have an existing emergency loan and wish to apply for it again. Their loan proceeds will be used to pay the outstanding bond. Anyone who does not have access to an emergency loan can apply for a loan of P20,000. Retirees can also borrow P20,000.

The funds will be instantly credited to the borrower’s temporary eCard Plus account or UMID card.

GSIS said it has already set up six GSIS Wireless Automated Processing System mobile kiosks in remote areas of the province to allow potential applicants to apply for loans faster and more cost-effectively.

“Regarding the government property in Abra damaged by the earthquake, we will have the GSIS pay to rebuild the damaged government property insured by the GSIS,” Veloso added.

He said seven of the 29 government buildings destroyed by the earthquake had already been examined by the pension fund and the extent of the damage had been determined.