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Manila Bulletin devider Philippines devider National devider Abalos wants SSS, GSIS to ready calamity loan funds amid 'Kristine' onslaught

Abalos wants SSS, GSIS to ready calamity loan funds amid 'Kristine' onslaught

Published Oct 25, 2024 07:53 am

At A Glance

  • Former Department of Interior and Local Government (DILG) Secretary Benjamin "Benhur" Abalos Jr. is urging the Social Security System (SSS) and Government Service Insurance System (GSIS) to put their calamity loan programs on standby following the onslaught of severe tropical storm "Kristine".

benhur abalos- DILG.jpgFormer Department of Interior and Local Government (DILG) Secretary Benjamin “Benhur” Abalos Jr. (Mark Balmores/MANILA BULLETIN)

Former Department of Interior and Local Government (DILG) Secretary Benjamin “Benhur” Abalos Jr. is urging the Social Security System (SSS) and Government Service Insurance System (GSIS) to put their calamity loan programs on standby following the onslaught of severe tropical storm "Kristine".

In a statement on Friday, Oct. 25, Abalos emphasized that the SSS and GSIS must allocate sufficient funds for calamity loans as members and pensioners affected by the storm may apply for such.

He pointed out that financial support is urgently needed to help individuals and families recover.

“Financial support during crises is vital to recovery. It’s our responsibility to stand by our members and pensioners, ensuring they have the resources to rebuild their lives,” the senatorial aspirant said.

Abalos recalled that when typhoon "Carina" struck the country in July, the GSIS earmarked P18.5 billion in emergency loans to support around 865,000 members and pensioners.

The loans came with a six percent annual interest rate and a repayment term of three years, he said.

At the time, members and pensioners with existing emergency loan balances were allowed to borrow up to P40,000 to enable them to clear their previous loans and receive a maximum net amount of P20,000. Those without existing loans were eligible to apply for up to P20,000.

The SSS, on the other hand, previously announced that its members and pensioners could readily access its calamity loan program to help them quickly get back on their feet.

The agency’s maximum loan amount was P20,000, which is repayable in two years or 24 equal monthly installments with an annual interest rate of 10 percent.

Abalos, who is running under the administration’s “Alyansa para sa Bagong Pilipinas” slate, stressed that calamity loans will provide a “lifeline” to those who have lost homes and livelihoods in the aftermath of Severe Tropical Storm Kristine.

“Our public servants and pensioners have dedicated their lives to serving the nation, and in times of crisis, we must ensure they have access to the assistance they need to rebuild,” he said.

Based on the latest figures from the National Disaster Risk Reduction and Management Council (NDRRMC), more than 2.6 million people were affected by the storm, with 13 confirmed deaths so far.

Related Tags

Social Security System (SSS) Government Service Insurance System (GSIS) Benhur Abalos calamity loan KristinePH
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