The Government Service Insurance System (GSIS) has set aside ₱15.1 billion in financial aid to support over 608,000 members and pensioners impacted by the recent magnitude 7.8 earthquake in Mindanao.
GSIS President and General Manager Wick Veloso announced on Wednesday that the state pension fund is actively extending emergency loans to qualified active members and pensioners who live or work in areas declared under a state of calamity.
“Our thoughts are with our fellow Filipinos in Mindanao affected by this powerful earthquake,” Veloso said.
Under the emergency loan program, borrowers without an outstanding loan can apply for up to ₱20,000. Meanwhile, those with existing emergency loan balances can borrow up to ₱40,000, with a maximum net proceed of ₱20,000. The loans come with a 6% annual interest rate and a repayment period of 36 months.
Eligible individuals have until September 7 to submit their applications via the GSIS Touch mobile app. Once approved, the funds will be credited directly to the borrowers’ ATM accounts.
In addition to individual loans, Veloso stated that GSIS is prepared to expedite insurance claims for local government units and state agencies whose properties suffered damage from the tremor. The announcement was shared during a stakeholders’ dialogue in Roxas City, where executives met with members to address recovery assistance and service enhancements.
The pension fund has advised government offices with insured properties to file their claims immediately to accelerate rehabilitation efforts in the affected communities.