ILIGAN CITY, Oct. 9 (PIA) – Government Service Insurance System (GSIS) has stepped up its programs to help its members and pensioners cope up with the coronavirus disease 2019 (COVID-19) pandemic.
GSIS Iligan Branch Manager Alexis Arumpac shared in a virtual press briefing that GSIS has opened its COVID-19 Emergency Loan program in response to the President Rodrigo Duterte’s proclamation extending the state of calamity throughout the country.
Under this program, qualified borrowers with an existing emergency loan may borrow up to P40,000 to pay off their previous emergency loan balance and still receive a maximum net amount of P20,000. Those without existing emergency loan may apply for P20,000.
“This loan is non-renewable, payable in 36 equal monthly installments at an interest rate of six percent (6%) computed in advance,” he said.
The COVID-19 Emergency Loan program can be availed until December 27, 2020.
Arumpac further said they also re-opened the GSIS Financial Assistance Loan (GFAL), a loan program to save its members from the bondage of debt.
“In this program, GSIS allows the members to consolidate and transfer their existing loan balances amounting to as much P500,000. GSIS will pay the outstanding balance of that member to the lenders. In turn, the members will pay the balance to GSIS at a lower monthly amortization and interest rate of 6% per annum for a period of six years.
In compliance with the Bayanihan to Heal As One Act, the State pension fund is also granting a 60-day moratorium on loan payments of its active members and pensioners starting November.
Arumpac said the collections of loan payments for the months of November and December 2020 shall be deferred and resumed on January 1, 2021.
Moreover, GSIS suspended the annual personal information revalidation (APIR) for pensioners, a process of renewing the status of pensioners to prove that they are still alive.
Arumpac said the APIR serves as the basis of the continuation of their monthly pension.
“Tuloy-tuloy ang kanilang pension kahit hindi sila magrenew ng kanilang status,” he added.
Meanwhile, GSIS is also set to launch its computer loan program and educational loan program.
“The computer loan program is already approved but not yet officially launched. This is a one time loan to run for a period of six months in support of DepEd’s Basic Education Learning Continuity Plan for the school year 2020-2021,” Arumpac said.
The member can avail P30,000 payable in 36 monthly installments at 6% internet per annum. This can be applied through GW@PS kiosk machine or over the counter.
The educational loan program, on the other hand, is in support of the call of the President for credit support in education so that students can stay in school despite the economic difficulty.
“This is offered to GSIS members to pay for the tuition fees and other school expenses of their nominated student-beneficiary. The term of the loan is a maximum of 10 years,” he added.
Because of these programs, Arumpac said the GSIS was cited by the 2020 Stevie International Business Awards for having the “Most Valuable Government Response to the COVID-19 Pandemic ” in the world. (APB/PIA-10)