THE Government Service Insurance System said it has earmarked P1 billion for emergency loans for its members and pensioners who are affected by the Mayon Volcano unrest.
GSIS President and General Manager Jose Arnulfo A. Veloso was quoted as saying in a statement his office issued last Thursday the GSIS opened the loan facility after the Sanggunian Panlalawigan of Albay declared the entire province as a calamity area.The GSIS chief explained that members who have an existing emergency loan balance may borrow up to P40,000 to pay off their previous emergency loan balance and still receive a maximum net amount of P20,000.
The GSIS statement read that the loan will have an interest rate of 6 percent and will have a 3-year payment term.
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