SSS offers loans to help quake-affected members in Mindanao
The Social Security System (SSS) will make available over P443 million in calamity loan assistance to up to 54,000 members living in areas in Mindanao recently struck by earthquakes.
In a statement, Aurora Ignacio, SSS president and chief executive officer, said the state-run pension fund started accepting applications for calamity loan, advance three-month pension, and direct house repair and improvement loan on Nov. 18.
According to a Nov. 8 circular, SSS members and pensioners in the following areas earlier placed under state of calamity by the National Disaster Risk Reduction and Management Council (NDRRMC) are qualified to apply for loans: Bansalan and Matanao towns in Davao del Sur province; and Kidapawan City and Makilala and Tulunan towns in Cotabato province.
“It is unfortunate that the series of strong quakes greatly affected their daily living. That’s why we prioritized the immediate approval of granting calamity assistance in order to extend financial help to our members and pensioners in the affected areas,” Ignacio said.
For the calamity loan, members must have a minimum of 36 monthly contributions, of which six months’ worth were paid within a one-year period before the application, the SSS said.
Billing for the calamity loan requires members’ registration on the My.SSS online portal.
As for employees’ compensation and social security pensioners, they can avail of three months in advance pension upon submission of their application for assistance due to calamity or disaster duly certified by their respective barangay chair, the SSS said.
Members and pensioners can apply for the calamity loan assistance program and the advance three-month pensions, respectively, for three months or until Feb. 17 next year.
SSS members can borrow a maximum of P1 million under the direct house repair and improvement loan program, which has an annual interest rate of 8 percent for loans below P450,000 and 9 percent for amounts over P450,000.
Application for the direct house repair and improvement loan will go on for a year or until Nov. 17, 2020.—BEN O. DEVERA
