The Government Service Insurance System (GSIS) has allocated P193.92 milliton for its emergency loan to five more areas in Oriental Mindoro, following the oil spill from the sunken MT Princess Empress.

The emergency loan is available to 7,714 active members, old-age pensioners, and disability pensioners in Calapan City, Baco, San Teodoro, Socorro, and Victoria, the GSIS said. The loan is available until May 17 this year.

To be eligible for the loan, members must be in active service and have at least three months of paid premiums within the last six months prior to the application. They must also have no pending administrative or criminal case, no due and demandable loan, and a net take-home pay of not less than Php 5,000 after all monthly obligations have been deducted.

Old-age and disability pensioners can also apply for the loan, provided that their resulting net monthly take-home pension after loan availment is at least 25% of their basic monthly pension.

Members who already have an existing emergency loan balance may borrow up to P40,000 to pay off their previous balance and still receive a maximum net amount of P20,000. Pensioners and those without an existing emergency loan may apply for a P20,000 loan.

The loan is payable in three years or 36 equal monthly installments at an interest rate of 6% per annum.

GSIS first offered the emergency loan to 5,170 members and pensioners in nine Oriental Mindoro areas, with an application deadline of April 9.

For more information about the emergency loan, members and pensioners can visit the GSIS website or Facebook account, email gsiscares@gsis.gov.ph, or call the GSIS Contact Center.