By Anna Leah Gonzales | Philippine News Agency
State-run Social Security System (SSS) said members recently affected by recent cyclones and the earthquake in Cebu may now apply for a calamity loan.
In a statement Friday, SSS said the calamity loan offering is in response to the directive of President Ferdinand R. Marcos Jr. and instruction of Finance Secretary and Social Security Commission Chairperson Ralph Recto to provide immediate relief to earthquake victims and typhoon-affected members.
The calamity loan has a lower interest rate of 7 percent per annum and a loanable amount of up to P20,000.
“We want to assure our members that they can rely on SSS in times of calamities and other natural disasters. Our goal is to support the quick recovery of our members in quake-hit areas by providing them with an accessible loan program,” SSS President and Chief Executive Officer Robert Joseph Montes de Claro said.
Members can apply for the calamity loan using their My.SSS account.
Once approved, loan proceeds will be credited directly to their enrolled disbursement account.
To qualify, members must be residing or working in an area declared under State of Calamity; have at least 36 monthly contributions at least six of which must be posted within the last 12 months before filing; have online account with SSS (My.SSS) to file an online application; have no past due loan accounts and no outstanding restructured loans; not have been granted any final benefit; of legal age and under 65 years of age at the time of the loan application; and not been disqualified due to fraud committed against the SSS.
For employed members, their employers must be updated on SSS contributions and loan remittances.
Aside from Cebu, the SSS Calamity Loan Program also extends financial relief to members affected by the recent tropical cyclones—Mirasol, Nando, and Opong—and the enhanced southwest monsoon.
More than 85 towns and cities in Ilocos Norte, Cagayan, Oriental Mindoro, Romblon, Masbate, Aklan and Maguindanao del Sur were earlier declared under a state of calamity.
“The series of typhoons in the past several days has affected the daily lives and livelihood of our members in different parts of the country. Through our new Calamity Loan Program, SSS is now more responsive to the needs of affected SSS members as the loan window is announced and implemented within a few days from declaration of State of Calamity, providing immediate financial support and helping them recover sooner from these weather disturbances,” de Claro said.
