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Salceda thanks Duterte, GSIS for P1.6-B concessional loan package for typhoon victims

The Government Service Insurance System (GSIS) has approved a P1.6-billion concessional loan package for Albayano victims of Typhoon Nina which ravaged vast areas of the province, along with other provinces during the Christmas holidays. Beneficiaries of the loan package include both GSIS members and pensioners.
Albay 2nd District Rep. Joey Sarte Salceda who issued a flash appeal for help in the wake of Nina has thanked President Rodrigo Duterte and the new GSIS management for the prompt approval of some P1.6 billion of the concessional loans.
Salceda personally presented Albay’s condition to GSIS officials led by Chairman Wilfredo Maldea and GM Nora Saludares during the agency’s full board meeting last Tuesday where he proposed the package of calamity assistance for the agency’s members in his province.
Nina’s damage to Albay as of January 9, are as follows: cost for damaged houses -P3,696,333,000; agriculture, P568,729,360; poultry and livestock, PI 1,146,510; and infrastructures as reported by both the provincial engineering and local government units - P4,728,277,872. Total: P9,004,486,742.90.
Specifically, Salceda requested three items for cashflow relief and new funds flow to the Albay economy which were readily approved by the GSIS Board, as follows: PI .431 billion in emergency loans at P40,000 for active members and P20,000 for pensioners; the loan will be payable in three years with 6-month interest-free grace period; and installment payments on PI72,068 million existing loans will also be deferred for six months interest free without the need for Albay resident members to apply for it.
Under the second item, a member who borrows P40,000 emergency loan this month will start paying P 1,311.11 monthly installment starting July 2017 while pensioners can borrow P20,000 and pay P655.56 every month for three years.
In short, Salceda explained, all installment payments on existing loans falling due between February and July will not be collected and will not be charged penalties or additional interest except on their original terms. GSIS pensioners, he added, can borrow P20,000 and pay P655.56 for 36 months and start paying 6 months after loan takeout.

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