Roxas city: The Government Service Insurance System (GSIS) has earmarked PHP15.1 billion in emergency assistance for more than 608,000 members and pensioners affected by the magnitude 7.8 earthquake that struck parts of Mindanao, as the state pension fund ramps up recovery support in calamity-hit areas.

According to Philippines News Agency, GSIS President and General Manager Wick Veloso announced that the agency is extending emergency loans to qualified active members and pensioners residing or working in localities placed under a state of calamity. Veloso expressed empathy for the affected Filipinos in Mindanao, ensuring that members, pensioners, and government agencies will have access to much-needed financial assistance as they embark on rebuilding efforts.

The GSIS Emergency Loan Program offers eligible borrowers the opportunity to avail of up to PHP40,000 if they have an existing emergency loan, with a maximum net proceed of PHP20,000, or up to PHP20,000 if they have no outstanding emergency loan. These loans carry an annual interest rate of 6 percent and are payable over a period of 36 months. Applications for the loans will be accepted until September 7 through the GSIS Touch mobile application, with the loan proceeds being credited directly to borrowers' ATM accounts.

Veloso further indicated that GSIS is prepared to expedite insurance claims for government agencies, local government units, and other policyholders whose properties suffered damage from the earthquake. The statement was made during a stakeholders' dialogue in Roxas City, where GSIS officials convened with members, pensioners, and agency representatives to discuss improvements in services and recovery assistance.

In addition, GSIS urged government offices with insured properties impacted by the disaster to promptly file claims to facilitate speedy processing and support rehabilitation efforts in the communities affected by the quake.