SSS eases rules for flood-hit members

THE Social Security System (SSS) will implement a calamity relief package for its members and pensioners who were victimized by the floods brought by Tropical Storm Sendong in the cities of Cagayan de Oro and Iligan.

This was announced by SSS president and chief executive officer Emilio de Quiros Jr. during their annual SSS Christmas gift-giving to charitable institutions last Dec. 20 at the SSS main office in Quezon City.

Members in Cagayan de Oro and Iligan with existing SSS loans – whether salary, housing or business loans – have the option to apply for a six-month suspension of their loan payments, without penalties, with an extension of their amortization term by six months. Members with current salary loans can avail of an early renewal of their loans, with the balance of the existing loan to be deducted from the proceeds of their new loan.

Eligible members may file their applications for either loan payment suspension or early loan renewal with their nearest SSS branches.

The SSS has also reduced the interest rate of its housing loan program for repairs and improvements, from 13 percent to eight percent, specifically for members whose homes were damaged by the Sendong. Application period to this loan program is from Jan. 1 to June 30, 2012.

“The applicable period of the loan payment suspension is from November 2011 to April 2012, for loan payments falling due in December 2011 to May 2012,” De Quiros said.

Availment period is from Jan. 2 to March 30.

For pensioners in Cagayan de Oro and Iligan, the SSS will automatically advance their pensions for February to April 2012, the total amounts of which will be credited to the pensioners’ bank accounts by January 2012.

Pensioners in other affected areas may apply for advanced pension and present a certification from the barangay captain that they are residents of the calamity-stricken area.