BLOWN AWAY Steel signage of this school in Ligao City was totally wrecked by Typhoon Tisoy when it struck Albay province. Michael B. Jaucian
MANILA, Philippines—State financial institutions including Social Security System (SSS), Government Services Insurance System (GSIS), Philippine Guarantee Corp. (PhilGuarantee) and Land Bank of the Philippines have readied their respective calamity relief packages to assists Filipinos affected by Typhoon Tisoy.
In a Palace briefing Wednesday, SSS Assistant Vice President for Member Loans Department Boobie Angela Ocay said members affected by disasters may avail their calamity relief package which includes the calamity loan assistance program (CLAP), advance disbursement of pensions, and preferential terms for house repair.
The CLAP offers member-borrowers a loan amount of as much as the member’s monthly salary credit, payable in two years, with an annual interest rate of 10 percent, Ocay said.
Pensioners may apply to receive their advance three-month pension while the Direct House Repair and Improvement Loan is available for members with damaged houses due to said calamity.
Members who intend to avail in any of this relief package may apply in any SSS branch and should be residing in areas declared under the state of calamity.
Meanwhile, government employees may avail GSIS’s emergency loan program, which offers eligible members of P20,000 loan, payable in three years with eight percent interest.
For its part, LandBank has its Calamity Rehabilitation Support or CARES Program which provides recovery assistance and reintegration skills/tools to victims of national disasters in the country, such as loan restructuring for the Bank’s existing customers, including extending of short-term loans with a grace period on principal payments.
For Filipinos who are looking to relocated and acquire new house after a calamity, Home Guaranty Corp. offers properties with a 10 percent downpayment requirement, a six percent interest rate up to 15 years to pay.
Home Guaranty Corp. is among the institutions that were merged by President Rodrigo Duterte’s Executive Order No. 85 that created PhilGuarantee.