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Manila Bulletin devider Business devider SSS to introduce calamity loan for OFW members

SSS to introduce calamity loan for OFW members

Published Apr 4, 2024 08:47 am

After the recent 7.2 magnitude earthquake in Taiwan, the Social Security System (SSS) will extend its calamity loan to the affected overseas Filipino workers (OFWs).

In a briefing, Rolando Ledesma Macasaet, SSS president and chief executive officer said on Thursday, April 4, that active members working in Taiwan can soon avail of the loan program.

The Calamity Loan program allows pension fund members in the Philippines to get social security assistance if the applicant is residing in an area declared under a state of calamity by the National Disaster Risk Reduction and Management Council (NDRRMC).

According to Macasaet, this will be the first time that the pension fund will extend its loan scheme outside of the country.

“There are a lot of OFWs who are also members of the SSS… About 10,000 Filipinos are working in Taiwan,” Macasaet told reporters.

He added that the loan will be able to disperse a maximum of P20,000, while its repayment terms, as well as interest rates, will be similar to the existing local program.

“I will release the guidelines [at the latest] on Monday [April 8], and all applications will be done online,” Macasaet said.

However, the SSS chief explained that the loan can only be dispersed in the Philippines, stating that “their money cannot be forwarded to Taiwan, because it might be more difficult [to process].”

Macasaet also reminded active SSS-OFW members who wish to avail of the calamity loan to settle their dues on time, as the borrowing program would not be doled out by the social security system.

Meanwhile, the pension fund head said that the active members affected by the Taiwan earthquake may still claim other benefits made available by the SSS.

“Even without the calamity loan, all OFWs around the world have benefits like maternity, bereavement, or unemployment insurance that are open to active SSS members,” he elaborated.

The Department of Migrant Workers reported three Filipinos who sustained minor injuries due to the Taiwan earthquake– one of the strongest shocks that struck the country in decades.

Related Tags

pension fund Taiwan Social Security System (SSS) taiwan earthquake overseas Filipino workers calamity loan
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