THE Government Service Insurance System (GSIS) has extended a total of P4.14 billion worth of loans to some 60,000 government employees and pensioners to help them deal with the public health emergency.
In a statement Monday, Rolando L. Macasaet, President and General Manager of GSIS, said the state pension fund has released P3.48 billion to more than 25,000 members and pensioners via conso-loans, policy loans and pension loans from March 27 to end-April.
Meanwhile, he said emergency loans disbursed totaled P664 million between April 13 and April 30, for around 33,000 borrowers.
The GSIS has relaxed the terms of its COVID-19 (coronavirus disease 2019) Emergency Loan program, increasing the maximum amount that can be borrowed to P40,000 for those who availed of the program earlier this year, while maintaining a P20,000 limit for new borrowers.
The state pension fund also waived the six months loan amortization requirement for its members who have due and demandable loan accounts, among others.
The emergency loan is payable over three years at a fixed interest rate of 6% per annum.
“Under the enhanced program, we now allow members who have in-default loan accounts (with arrears of more than six months) to renew their emergency loan. We have also reduced the paid premium requirement from six months to only three months,” Mr. Macasaet said.
However, he said that borrowers may encounter “some delays due to systems maintenance activities” as this is the first time GSIS has offered the program on such a scale.
GSIS said members and pensioners that had their emergency loans renewed and granted during the April 13-30 period can renew their loans starting Monday, May 11.
