The Government Service Insurance System (GSIS) has set aside funds for emergency loans of members and pensioners who will be affected by Typhoon Egay, especially in Northern Luzon. In a statement, GSIS President and General Manager Wick Veloso said on Wednesday they have readied PHP6 billion for emergency loans of their members and pensioners for this year. "We want to ensure sufficient funds to offer loan assistance to those who need help during disasters," he said. As of 5 p.m. Wednesday, the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) placed under signal no. 4 northwestern portion of Cagayan, including Babuyan Islands and the northern portion of Ilocos Norte. Last week, the state pension fund also began offering emergency loans to 585 active members and 53 old-age and disability pensioners in Puerto Galera and Oriental Mindoro in response to the ongoing water crisis caused by El Niño. "It is unacceptable that our members and pensioners in Puerto Galera have to suffer without basic necessities because of the water crisis. We aim to help them by offering immediate aid through our emergency loan," Veloso said, heeding the call of President Ferdinand R. Marcos Jr. to swiftly respond to the needs of calamity and disaster victims. Qualified GSIS member who will apply for an emergency loan must be residing or working in the calamity areas and should not be on unpaid leave, have no pending legal cases, and have made at least three monthly premium payments in the six months before applying. They must also have no outstanding loans and their net take-home pay should not be lower than the amount required under the General Appropriations Act after all monthly obligations are deducted. Those who have existing emergency loan balance may borrow up to PHP40,000 to clear the balance of their previous emergency loan and receive a maximum net amount of PHP20,000. Meanwhile, GSIS old-age and disability pensioners residing in the calamity areas may also avail of the loan provided their net monthly pension after availing the loan is at least 25 percent of their basic monthly pension. Pensioners and those without existing emergency loan may apply for a PHP20,000 loan
Source: Philippines News Agency