GSIS promises loans up to P40k, P20k for Davao quake-hit members, pensioners

The Government Service Insurance System (GSIS) said on Oct. 14 that it is ready to provide financial assistance to its members and pensioners in Davao Oriental after two earthquakes hit the province last week.

According to GSIS, qualified members and pensioners in affected areas can take out loans up to P40,000 if they have an existing emergency loan balance, or P20,000 if they have none.

“We are closely monitoring the situation in Davao and stand ready to provide immediate financial assistance to help our members and pensioners recover from the effects of the earthquake,” GSIS president Jose Arnulfo “Wick” Veloso said in a news release.

The loan is payable in 36 months at a 6 percent annual interest, with the first amortization due after three months.

Members and pensioners may avail the loan through the GSIS Touch mobile app, GSIS Wireless Automated Processing System (GWAPS) kiosks, and e-service portals.

Loan proceeds will be electronically credited to borrowers’ ATM cards directly.

Aside from financial aid, the agency also assured that inspections of the damaged insured government properties are underway, and insurance claims and services will be provided immediately to its members.

“Just as we did in Cebu, GSIS will ensure that our members and pensioners in Davao receive the support they need to recover quickly. Our priority is to bring relief and security, especially in times of calamity,” Veloso said.

The GSIS provided an emergency loan program to Cebu-based members and pensioners last September 30.

Under its mission, GSIS provides government employees with comprehensive coverage, including social security benefits, life insurance, disability benefits, and retirement benefits.

This came after a strong magnitude 7.4 earthquake struck off the coast of Manay, Davao Oriental on Oct. 10, and a separate magnitude 6.8 earthquake in a nearby area hours later.