State-run Social Security System (SSS) has launched immediate calamity loan assistance for members and pensioners severely affected by recent typhoons.
Eligible applicants are members and pensioners residing in areas declared under a state of calamity during Tropical Cyclones (TCs) Kristine, Marce, Nika, Ofel, and Pepito.
According to Circular No. 2024-005, released on Nov. 22, the areas declared under a state of calamity are Dagupan City; Tagkawayan and Malunay, Quezon; Albay Province; Bulan, Sorsogon; Camarines Sur; Catanduanes; Calbayog City, Samar; Eastern Samar; and Magpet, Cotabato.
Eligible members can seek help from the Calamity Loan Assistance Program (CLAP), a short-term loan for calamity-affected members.
Social Security (SS) and Employees' Compensation (EC) pensioners can receive a three-month advance pension.
To qualify for the CLAP, members must be registered on the SSS website, have at least 36 monthly contributions, with 6 posted in the last 12 months, meet specific contribution requirements for their membership type, have no past due loans or final benefit claims, and be certified by their employer if employed.
Allowed loanable amount is based on the average of the last 12 monthly salary credits or the requested amount, whichever is lower, rounded up to the nearest thousand.
Once approved, the loan is payable over two years in 24 equal monthly installments, with payments starting the second month after loan approval and due by the end of the following month, using any SSS-approved payment channel.
The loan carries a 10 percent annual interest rate on a diminishing principal balance, amortized over 24 months, with no service fee. Pro-rated interest is deducted upfront from the loan proceeds.
Members must apply for CLAP through their My.SSS account on the SSS website.