GSIS Resolution No. 256 (2003)

(NAR) VOL. 15 NOS. 1-2 / JANUARY - MARCH 2004

[ GSIS RESOLUTION NO. 256, October 08, 2003 ]

EMERGENCY LOAN ASSISTANCE (ELA)

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 nd time when the payment of tuition fees for the 2 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)