GSIS Doubles Limit on Emergency Loans and Frontliners Benefits

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By Samuel P. Medenilla & Bernadette D. Nicolas

The Government Service Insurance System (GSIS) has announced that it has doubled the ceiling on its emergency loans to help its members cope during the coronavirus disease lockdown
(Covid19 pandemic.

The state pension fund also announced on Wednesday that it will soon pay 12.9 million pesos in life insurance benefits to families of eight members of the government.
workers who died from Covid-19.

During an online press briefing, GSIS President Rolando L. Macasaet said the GSIS Board of Directors has decided to increase the maximum amount of their emergency loans from 20,000 to 40,000. pesos.

Macasaet explained that the decision was made after administrators noticed that those who have already taken advantage of the emergency loan will usually end up with additional loans from GSIS.

He added that based on the latest data, GSIS has already released 4 billion pesos in emergency loans for its nearly 40,000 members.

Takeover of GFAL

Likewise, Macasaet said members could benefit from the GSIS Financial Assistance Loan (GFAL) again by May.

The GSIS temporarily suspended GFAL applications on March 15, 2020, two days before the entry into force of the enhanced community quarantine (ECQ) in Luzon. The GFAL has been suspended because it demands that members
platform to follow a seminar.

“They will have to undergo the seminar [for GFAL] because that will allow them to borrow P 500,000, ”Macasaet said. He said GSIS is now considering making the seminar available online so that they can welcome GFAL applications even during the ECQ.

Macasaet said he plans to relaunch the GFAL once the seminar requirement goes online or after the planned lifting of the ECQ in Metro Manila and other areas at high risk of Covid-19. by May 15, 2020.

Benefits for health workers

On April 14, the GSIS Board of Directors approved a resolution establishing the Bayanihan Fund for Frontline People (BFF), providing government health workers with an additional cash benefit of P500,000. to their regular GSIS life insurance policy.

Currently, Macasaet said there are eight GSIS members whose families will receive such a benefit.

He explained that the total life insurance benefit of said beneficiaries was supposed to be only 9 million pesos. But GSIS chose to add another P4.5 million while President Duterte added another P1million to the total life insurance benefits.

“So among the eight, there will be someone who will get a million pesos, 1.2 million pesos or 1.8 million pesos,” Macasaet said.

Paper handling

According to Macasaet, GSIS insurance agents are already coordinating with the bereaved families of the eight health workers.

“Once the papers are duly processed, we will release the amounts without delay,” he said. “And, as promised, we will be awarding an additional P 500,000 as part of our BFF on top of their regular insurance benefits in recognition of their heroism and selfless dedication to public service.”

“It is devastating to lose a loved one, but we hope it will help alleviate the grief felt by the families of those left behind by these heroes who made the ultimate sacrifice for our country,” Macasaet added.

Five of the eight health workers were from the Philippine Health Center, Philippine General Hospital, National Children’s Hospital and Vicente Sotto Memorial Medical Center in Cebu. Three of the deceased worked in local health centers in Manila, Parañaque and Pampanga, according to a statement released by GSIS.

Release of pensions

Macasaet said GSIS will also release its members’ pension at an earlier date next month.

“For the month of May, since May 1 is a holiday, we will publish [the pension] to our members on May 5, ”Macasaet said.

“Early release from the pension is one of the many proactive steps we are taking to help our retirees cope,” along with the ECQ, according to Macasaet. He said GSIS has allocated a budget of 6.1 billion pesos to 511,000 retirees.

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