GSIS grants P10.12B in loans to over 200k gov’t employees, pensioners

As of May 13, the Government Service Insurance System (GSIS) has granted a total of Php10.12 billion in loans to more than 200,000 active members and pensioners nationwide for 2020.

This was reported today by Rolando Ledesma Macasaet, President and General Manager of the state pension fund. Of the Php10.12 billion, Php4.78 billion (47%) was released in the form of emergency loan while Php5.34 billion (53%) was disbursed through consolidated Loan (conso-loan), policy loan and pension loan. Conso-loan, policy loan and pension loan are regular loans offered by GSIS that may be availed of anytime by qualified borrowers while emergency loan is for those affected by disasters in regions or provinces declared as calamity areas by the government.

The COVID-19 Emergency Loan, launched last April 13, was the first emergency loan window opened by GSIS on a national scale after President Duterte declared a state of public health emergency in the entire country.

Early in May, GSIS enhanced the features of the COVID-19 Emergency Loan program by increasing the credit limit to Php40,000.

The increase will enable members to renew their loan even if they have not yet made any payment in their previous emergency loan account such as the victims of the Taal Volcano eruption in January this year.

For those who have no prior emergency loan or outstanding balance in their previous loan, the loanable amount is Php20,000.

GSIS also allowed members to qualify for the emergency loan even if they have incurred arrears from their previous emergency loan, and they have due and demandable accounts from other loans.

In addition, the pension fund reduced the required premium payment (government and personal share) to be able to qualify for the loan – from six months to three months within the last six months before the application date.

To avail of the loan, GSIS members may either submit their loan applications via email or apply through the GSIS Wireless Automated Processing System (GWAPS) kiosks located in all GSIS branch and extension offices; provincial capitols; city halls; selected municipal offices; large government agencies such as the Department of Education; and selected Robinsons and SM Malls.

Once the loan is approved, the proceeds will be directly credited to the Unified Multi-Purpose ID (UMID) card or temporary eCard account of the borrower. The availment period for the COVID-19 Emergency Loan is until July 12, 2020.