The state pension fund, the Government Service Insurance System (GSIS), announced that it will open an emergency loan program on August 5 for nearly 7,000 members and retirees in Abra, the epicenter of the 7.3-magnitude earthquake that hit the country last July 27.
A statement quoted GSIS President and Director General Jose Arnulfo A. “Nandito po ang GSIS para tumulong.” [The GSIS is here to help.]
According to the GSIS statement, it has already announced as early as July 28, the day after the earthquake, that it is ready to open an emergency loan facility to provide financial assistance to its members and retirees in North Luzon. However, under the guidelines, GSIS has to wait for the affected areas to be declared disaster areas before they can open the loan program.
“Other provinces in North Luzon have not been declared disaster areas, but GSIS is ready to open the emergency loan program once the declaration is completed,” Veloso said.
Affected active GSIS members working or residing as well as old age and disability pensioners residing in the region may apply for the loan through September 4, the statement said.
Members and retirees who have an existing emergency loan and would like to apply for the loan again can borrow up to 40,000 Argentine pesos. The remaining balance will be deducted from their loan proceeds. Whereas those who do not have an emergency loan, may apply for a P20,000 loan. Similarly, retirees may borrow 20,000 pesos.
Proceeds will be credited directly to the borrower’s UMID card or temporary eCard Plus account.
GSIS said that six mobile wireless automated processing system kiosks have been deployed in remote areas of the province to enable potential loan applicants to save time and money in applying for the loan.
“For government properties in Abra damaged by the earthquake, we will make sure that GSIS pays for the reconstruction of damaged government property insured by GSIS. So far, we have inspected and assessed damage to seven of the 29 government buildings damaged by the earthquake,” added Veloso. earthquake. [As for the government properties in Abra that were damaged by the earthquake, we will make sure that the GSIS pays to rebuild the damaged government properties insured by the GSIS. So far, we have inspected and assessed the damage of seven of the 29 government buildings damaged by the earthquake.]