State-run Social Security System (SSS) will open a calamity assistance package starting November this year to help typhoon Fabian-stricken members and pensioners in Calapan and Naujan in Oriental Mindoro, Malabon City, and all other affected areas.
Aurora C. Ignacio, SSS president and chief executive officer said on Friday, Oct. 29, that the pension fund has financial assistance programs beginning Nov. 2, 2021 for members and pensioners in areas declared under the state of calamity due to typhoon Fabian.
Ignacio said these three programs are the Calamity Loan Assistance Program (CLAP) and Direct House Repair and Improvement Loan for members, and Three-month Advance Pension for Social Security (SS) and Employees' Compensation (EC) pensioners.
"Through these programs, we aim to provide our members and pensioners with the financial means to recover from the effects of Typhoon Fabian," Ignacio said in a statement.
The CLAP and Three-month Advance Pension will be offered until Feb. 1, 2022, while the Direct House Repair and Improvement Loan will be open for one year, or until Oct.20, 2022.
Under CLAP, qualified members may avail a loan equivalent to the average of their last 12 monthly salary credits (MSCs), payable in two years in equal monthly installments.
CLAP has an interest rate of 10 percent per annum, while the one percent service fee is already waived.
Meanwhile, three-month Advance Pension is offered to all SS retirement, disability, and survivor pensioners; as well as EC disability, and survivor pensioners.
Retirement pensioners who have existing loans under the Pension Loan Program (PLP), however, are disqualified to avail.
For SSS members whose houses were damaged or destroyed due to Typhoon Fabian, they may apply for the Direct House Repair and/or Improvement Loan with a maximum loanable amount of P1 million.
The interest rate for loans of up to P450,000 is eight percent, while for those over this amount, the interest rate is nine percent.
The loan term can either be five, 10, 15, or 20 years, plus the moratorium of six months.