GSIS allots ₱315M in emergency loan for members affected by Mindoro oil spill

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Metro Manila (CNN Philippines, March 9) — The Government Service Insurance System (GSIS) has earmarked ₱315 million in emergency loan for 11,024 active members and 1,896 pensioners affected by the oil spill in Oriental Mindoro.

“The oil spill has affected more than half of Oriental Mindoro. With our emergency loan program, we hope to alleviate the plight of nearly 13,000 GSIS members who are working or residing in the affected areas and pensioners who reside there,” GSIS President and General Manager Wick Veloso said on Wednesday.

More towns in Oriental Mindoro were placed under state of calamity starting Monday due to the oil spill. The town of Pola was the first to declare a state of calamity.

Here are the requirements for the emergency loan application of active GSIS members:

- in active service and not on leave of absence without pay

- with at least three months of paid premiums within the last six months prior to application

- with no pending administrative or criminal case

- has no due and demandable loan

- with a net take-home pay of not lower than ₱5,000 after all required monthly obligations have been deducted.

Old-age and disability pensioners are also qualified to apply for the emergency loan if their net monthly take-home pension after availing of the loan is at least 25% of their basic monthly pension.

Members with existing emergency loan balances may borrow up to ₱40,000 to pay off their previous emergency loan balance and still receive a maximum net amount of ₱20,000.

Meanwhile, pensioners and those without existing emergency loans may apply for a ₱20,000 loan.

The loans are payable in three years or 36 equal monthly installments at an interest rate of 6% per annum.