Cecilia Tenaja, GSIS acting manager, said that as of May 12, the local office has processed 3,311 loan applications with amounts to be borrowed reaching P13,244,000.
Tenaja said she expects that 85 percent of the more than 22,000 GSIS members in the province will avail of the loan program at P4,000 for each member, payable in five years at six percent interest per annum.
She said only P4,000 is available for GSIS members, because the other half of the amount is for educational assistance to members of the Social Security System.
Tenaja said the GSIS has released more than P180 million in emergency loan assistance to GSIS members who were victims of tropical storm “Sendong”, and the 6.9 magnitude earthquake.
Meanwhile, the SSS said only three applications for educational assistance are pending approval by its regional office in Bacolod City.
SSS branch manager Ireneo Villaflor said several members submitted their applications but failed to comply with the eligibility requirements, like the monthly salary credit of P10,000 or below. This means that a member who is receiving more than P11,000 per month is not qualified to avail of the program.
The other requirements are payments of at least 36 monthly contributions, and applicants must be up-to-date in the payment of salary or housing loan amortizations, Villaflor said.
An SS number for a non-member beneficiary is also required to track him or her when s/he is employed, in the event of delinquency by the member-borrower.
Villaflor said up to P15,000 can be availed of by an SSS member, but the amount will be released directly to the school where the beneficiary is studying. (www.visayandailystar.com)