SSS, GSIS offering loans for victims of typhoons
THE SOCIAL SECURITY System (SSS) and Government Service Insurance System (GSIS) are extending loans to victims of typhoons Rolly and Ulysses, which affected many cities and provinces across the country.
SSS will offer loans under its calamity loan assistance program from Nov. 27 until Feb. 26 next year, it said in a statement on Sunday.
Meanwhile, credit under its direct house repair and improvement loan program will be offered for one year from the issuance of its corresponding circular.
The state pension fund said members can also tap its three-month advance pension for SS and employees’ compensation for calamity aid.
It has yet to release the complete guidelines for the program.
GSIS also opened its emergency loan program which allows members to borrow P20,000 at an interest rate of 6% per annum and equal payments for three years, it said in a separate statement on Sunday.
Qualified borrowers include those in active service, free of administrative or criminal cases, and members with a net take-home pay of not lower than P5,000 after monthly obligations have been deducted.
Old-age and disability pensioners are also qualified to apply for an emergency loan if their resulting net monthly take-home pension after loan availment is at least 25% of their basic monthly pension.
Meanwhile, members with due and demandable loan accounts or those with arrears of over six months are allowed to renew their previous emergency loans from a different calamity, except the one under the COVID-19 Emergency Loan Program.
Members with only three months of paid premiums prior to application date may also apply. Previously, GSIS required six months’ worth of paid premiums.
The application form for the emergency loan can be downloaded from the GSIS website.
Members and pensioners can file their applications through contactless methods: via the pension fund’s web-based facility, the Electronic GSIS Member Online facility, through e-mail, or via drop boxes located in the lobbies of GSIS offices.
Borrowers, except pensioners, may also file their loan application through the GSIS Wireless Automated Processing System kiosks located in all GSIS branches, Department of Education offices, provincial capitols, city halls, Robinsons Malls and selected SM malls.
