State-run Social Security System (SSS) is offering calamity loans to members affected by tropical cyclones Kristine, Marce, Nika, Ofel, and Pepito, which struck the country recently.
In a statement, Voltaire P. Agas, SSS officer-in-charge, said the loans are intended to provide financial assistance to those whose lives have been disrupted by the storms.
Agas said that qualified members can avail of a loan equivalent to their one monthly salary credit or up to P20,000.
“Our country was battered by multiple tropical cyclones in less than a month, making life extremely difficult for our kababayans in devastated areas," Agas said.
"SSS wants to extend a lending hand to them through this financial assistance to help them rebuild their lives and get back to normal,” he added.
The calamity loans are available to members residing in areas declared under a state of calamity by the National Disaster Risk Reduction and Management Council (NDRRMC). These areas include various provinces and cities affected by the typhoons, such as Dagupan, Bani and Anda in Pangasinan; Ilagan and Roxas in Isabela; Provinces of Cavite, Laguna, Batangas and Quezon; and many more.
The SSS clarified that members in other areas that may soon be declared under a state of calamity due to these tropical cyclones are also eligible for the financial assistance.
To qualify for the calamity loan, members must meet several criteria, including having at least 36 monthly contributions, six of which must be posted within the last 12 months before the month of filing the application.
They must also be living or residing in the declared calamity area, have no final benefit claim, and have no past due SSS Short-Term Member Loans or outstanding restructured loans.
Agas also noted that affected members may also opt to avail of the SSS salary loan as an alternative.
To qualify, members must be under 65 years of age, have made at least 36 monthly contributions, and have not received any final benefit like total disability, retirement, or death benefits.
Applications for both calamity and salary loans can be submitted online using the My.SSS account via www.sss.gov.ph.
Once approved, the loan proceeds will be credited to the member’s registered Unified Multi-Purpose Identification (UMID)-ATM Card or their active accounts with a Philippine Electronic Fund Transfer System and Operations Network (PESONet) participating bank.
Both loans can be paid in installments for 24 months at an annual interest rate of 10 percent.