SSS offers calamity loan to Tisoy victims
QUEZON CITY -- The state-run Social Security System (SSS) on Monday, Dec. 23 said more than 68,000 members and pensioners affected by the damage made by typhoon Tisoy may now apply for the Calamity Assistance Package (CAP) with a total fund allocation of more than P614.52 million.
SSS President and Chief Executive Officer Aurora C. Ignacio said members affected by (the catastrophic onslaught of) Typhoon Tisoy in Southern Luzon and parts of Visayas region may now avail of the calamity loan, direct house repair and improvement loan and advanced three-months pension for affected SSS pensioners from December 20, 2019 until March 19, 2020, except for direct house repair and improvement loan.
“This is to inform our members and pensioners in calamity-stricken areas that SSS is ready to assist them with their immediate financial needs,” Ignacio said.
SSS members and pensioners who are residing in areas declared by the National Disaster Risk Reduction and Management Council (NDRRMC) as under state of calamity are qualified to avail of calamity loan, direct housing repair and improvement loan and three-month advance pension. Areas under state of calamity are Batangas City; Mabitac, Laguna; Provinces of Quezon, Cavite, Oriental Mindoro, Occidental Mindoro, Marinduque; Corcuera, Romblon and San Fernando in Romblon; and Northern Samar.
The CAP includes a loan assistance program which is a separate loan window from the regular salary loan. Members can borrow up to P40,000 as calamity loan depending on their average last 12 monthly salary credit. The financial assistance is also open to pensioners who can avail of three months advance of their monthly pension. Moreover, members can apply for direct housing repair and improvement loan.
The calamity loan is payable in two years in equal monthly installments with an annual interest rate of 10 percent and one percent monthly penalty for late payments. To eliminate additional expenses on the part of member-borrowers, SSS waived the one percent service fee.
Applicants under the advance three-month pension whose present address differ from the address in the SSS database should submit a barangay certification to prove that they reside in a declared calamity area. Ignacio said more than 679,000 paying members and 40,000 pensioners of the pension fund were affected by tropical cyclone Tisoy. SSS allocated some P601.60 million for possible loan exposure and another P12.97 million for possible disbursements for the advanced three-month pension.
“Members who would like to avail of the Calamity Assistance Package are required to be registered in the My.SSS application to facilitate their billing requirements in the future,” Ignacio said.
The SSS Chief, however, clarified that members who still have outstanding loans under the Loan Restructuring Program (LRP) and previous CAPs, as well as those receiving pensions for total permanent disability and retirement, and those who have availed of the Pension Loan Program (PLP) are not qualified to avail of the calamity loan.
Aside from the calamity loan, members with damaged properties can also avail of the direct house repair and Improvement loan with six months moratorium in amortization and interest payments. Members can borrow up to a maximum of P1 million under this program which will run for one (1) year or until 20 December 2020. To qualify, the applicant must not be more than 60 years old and with at least 24 monthly contributions, of which three contributions were remitted within the last 12-month period prior to the month of filing. gov.ph. (SSS)