Manila: The Government Service Insurance System (GSIS) has announced the expansion of its emergency loan assistance program, extending nearly PHP8 billion in aid to 317,721 members and pensioners across 16 areas severely impacted by recent typhoons and the southwest monsoon, locally known as 'habagat.'

According to Philippines News Agency, the GSIS stated in a news release that the organization is committed to providing essential social insurance services by offering timely financial assistance through its Emergency Loan Program. This initiative aims to support qualified members and pensioners whose homes, livelihoods, and communities have suffered due to the recent natural disasters.

The expanded loan assistance is targeted towards areas affected by Typhoons Luis, Maymay, and Neneng, as well as the intensified southwest monsoon. These events have led to significant flooding and damage, prompting declarations of states of calamity by local governments.

Eligible borrowers have the option to secure a PHP20,000 loan, while those with existing emergency loans can borrow up to PHP40,000, subject to the deduction of any outstanding balance from their previous loan. Application deadlines for the loan vary by location, ranging from September 20 to November 16. The earliest deadlines are set for Hagonoy, Bulacan, and Masinloc, Zambales, while residents in Cavite and Rodriguez, Rizal, have until November 12 and November 16, respectively, to apply.

The emergency loan features a 6 percent interest rate, calculated in advance, and is repayable over a 36-month period. Monthly payments are set at PHP655.56 for a PHP20,000 loan and PHP1,311.11 for a PHP40,000 loan. Applications can be submitted via the GSIS Touch mobile app, with loan proceeds being directly credited to the borrower's accredited eCard or UMID card.