Agusan del Sur: The Government Service Insurance System (GSIS) has earmarked over PHP22 million in emergency loans for its members and pensioners in La Paz, Agusan del Sur, following weeks of flooding and prolonged rains that disrupted livelihoods in the area. In a news release on Thursday, the state pension fund said applications will be accepted until June 15.

According to Philippines News Agency, the loan facility is open to active GSIS members residing or working in La Paz, provided they have no due and demandable loans, are not on unpaid leave, have remitted premium contributions for the last six months, face no pending administrative or criminal case, and have a net monthly take-home pay of at least PHP5,000. Old-age and disability pensioners based in the municipality may also avail of the loan, as long as their net monthly pension retains at least 25 percent after all deductions.

Qualified members with existing emergency loans may borrow up to PHP40,000 to pay off their current balance, allowing them to receive a net loan of up to PHP20,000. Those without an existing loan may apply for PHP20,000 outright. Loan proceeds will be electronically credited to the borrower’s GSIS eCard or UMID card, and are payable in 36 equal monthly installments at an interest rate of 6 percent per annum.

The loan is also covered by a loan redemption insurance program that will automatically consider the loan fully paid in the event of the borrower’s death, provided payments are up to date. GSIS encouraged members and pensioners to submit their loan applications through the GSIS Touch mobile app, which is available on both the Google Play and Apple App Store.