outbrain
Close  

SSS offers Tisoy survivors calamity, house repair loans

By: - Reporter / @bendeveraINQ
/ 06:07 PM December 23, 2019

The Social Security System (SSS) is offering calamity assistance to members and pensioners who have suffered the effects of Typhoon Tisoy early in December.

In a statement on Monday (Dec. 23), SSS president and chief executive Aurora C. Ignacio said the state-run pension fund’s over 68,000 members and retirees in parts of Southern Luzon and the Visayas may avail themselves of the calamity assistance program.

ADVERTISEMENT

These are members in areas where states of calamity had been declared by the National Disaster Risk Reduction and Management Council as a result of Tisoy.

Application for the calamity assistance started last Dec. 20 but would last until March 19, 2020.

FEATURED STORIES

Areas covered by the calamity assistance program included Batangas City; Mabitac, Laguna; Corcuera and San Fernando in Romblon; and the provinces of Cavite, Marinduque, Northern Samar, Occidental Mindoro, Oriental Mindoro, and Quezon.

The SSS said a total of P614.5 million had been set aside—P601.6 million for members on top of P12.9 million for pensioners—to help survivors of Tisoy.

The calamity assistance program, the SSS said, was separate from regular salary loan.

Members, the SSS said, can borrow up to P40,000 each in calamity loan depending on their salary credits.

The financial assistance was also open to pensioners who could avail themselves of three months’ worth of monthly pension in advance.

Members can also apply for direct housing repair and improvements loan, the SSS said.

The calamity loan is payable in two years in equal monthly installments with an interest rate of 10 percent and 1 percent monthly penalty for late payments.

ADVERTISEMENT

The SSS is waiving the 1 percent service fee for loans in the case of calamity assistance.

Pensioners who have changed addresses should get barangay certification to prove they lived in an area where a state of calamity had been declared, the SSS said.

Loans for house repair and improvements related to Tisoy would be payable in six months in equal monthly installments.

Members could borrow up to P1 million for house repairs and improvement. The loan type is available until Dec. 20, 2020.

Applicants must be not over 60 years old and had at least 24 monthly contributions with the latest contributions being within the last 12 months prior to filing of application, the SSS added.

Ignacio, however, said members who have unpaid loans or availed themselves of loan restructuring program and previous calamity loan assistance program are disqualified from the calamity loan program.

Also disqualified are members receiving pension for total permanent disability and retirement, Ignacio said.

Edited by TSB

Read Next
EDITORS' PICK
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Calamity, loans, SSS, storm, Tisoy
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.