In a statement, Wick Veloso, GSIS president and general manager, said the pension fund has earmarked P6 billion for emergency loans this year to guarantee assistance to members and pensioners who may be affected by calamities.
Those without existing emergency loan may apply for P20,000. Pensioners are also eligible to apply for a loan of P20,000.The loan also includes a redemption insurance feature, which ensures that the balance will be deemed fully paid in the event of the borrower's death, as long as payments are up-to-date at the time.
They should have no pending administrative or criminal case and maintain a net take-home pay of at least P5,000 after all mandatory monthly deductions. While pensioners have the alternative option to apply for the enhanced Pension Loan program, allowing them to borrow either up to six months’ worth of their pension or up to P500,000.