GSIS RESOLUTION NO. 256, October 08, 2003

EMERGENCY LOAN ASSISTANCE (ELA)

National Administrative Register October 8, 2003
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RESOLVED:  That, in response to the clamor of GSIS members in the recent dialogues conducted by the GSIS with the members, to APPROVE the proposal passed upon by the Management Committee (MANCOM) for the grant of a one-time special loan package to all active GSIS members to be called the Emergency Loan Assistance (ELA) to assist them in their financial needs particularly in this time when the payment of tuition fees for the 2nd semester is about to begin and to dispel the belief that GSIS is in a state of financial distress.

The Emergency Loan Assistance (ELA) shall have the following features:

  1. Loanable Amount

     Ten Thousand Pesos (P10,000.00)

  2. Term and Interest Rate

    Payable in two (2) years or twenty-four (24) equal monthly installments at ten(10%) percent per annum computed in advance

  3. Service Fee and Loan Redemption Insurance

    Subject to one (1%) percent service fee and ELA redemption insurance of 1.2% based on the gross loan amount

  4. Surcharge/Penalty for unpaid amortizations

    Two (2%) percent per month on the unpaid amortizations

  5. Pretermination

    Can be preterminated without penalties

  6. Other Features:

    Processing shall not be subject to CLIP/cross default policy
    ELA shall be over and above existing loans

RESOLVED FINALLY, to APPROPRIATE a funding allocation of P12 Billion necessary to support said special loan program, chargeable against proper Funds.

Adopted: 8 Oct. 2003 (Special Meeting No. 2)

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