GSIS to extend emergency loans to members, pensioners

By: Irene R. Sino Cruz - CDN Digital | March 23,2020 - 12:44 PM

CEBU CITY—Here’s good news for Government Service Insurance System (GSIS) members and pensioners amid the crisis brought about by the coronavirus disease 2019 (Covid-19) outbreak.

GSIS will soon offer emergency loans to its members.

GSIS president and general manager Rolando Ledesma Macasaet said in a news release posted Sunday, March 22, 2020, on the GSIS Facebook page that this is done in response to the appeal of Senator Bong Go, who asked that the GSIS provides assistance to its members and pensioners.

Macasaet assured the public that the state pension fund will extend all the necessary assistance to its members and pensioners.

He added that they are still making adjustments in their systems to activate the nationwide implementation for the emergency loan availment.

GSIS offers a P20,000 emergency loan to active members and pensioners with an interest rate of six percent, payable in three years.

Senator Go, chair of the Senate Committee on Health and Demography, earlier asked GSIS to waive penalties for delayed remittances, release pensions early, and grant emergency loans.

According to Macasaet, GSIS had already granted an extension or grace period for all the premium remittances and loan payments that would have been payable this month. He added that these could be paid on May 10 without penalty.

Also, GSIS extended the due date for housing loan payments and rental payment for investment properties falling due this March, which could also be paid on May 10 without any penalty. 

On the other hand, GSIS pensioners will receive their pensions earlier than April 8, the schedule for release, Macasaet said. 

At present, all GSIS offices nationwide are closed to the public until April 12..  However, GSIS continues to accept loan applications for Conso-loan, Policy Loan and Pension Loan through the GSIS kiosks. 

GSIS has nearly 1,000 kiosks installed in government agencies, GSIS branch offices, provincial capitols, city halls, and municipal offices as well as selected SM and Robinsons malls all over the country.

Loan applications of active members require prior approval by agency authorized officers or liaison officers (AAOs / LOs) before GSIS can credit the loan amount to the individual borrower’s account. /bmjo

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