Government workers can now avail of emergency loans from the Government Service Insurance System (GSIS) up to PHP40,000.
Under GSIS rules, the outstanding loan amount of a member will be deducted from the proceeds of the emergency loan once the application has been approved.
Emergency loans may be availed of within three months after the declaration of a state of calamity in an area.
GSIS members may apply for emergency loans after Malacanang declared a state of calamity nationwide since March 16 and the declaration will last for six months “unless earlier lifted or extended as circumstances may warrant” due to the coronavirus disease (Covid-19) pandemic.
Macasaet said they are accepting online loan applications because of the enhanced community quarantine (ECQ) declared over Luzon, among other areas.
He said the system has yielded good results, with total loan applications reaching nearly 40,000 with payout almost reaching PHP4 billion.
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