MANILA, Philippines—Members of the Social Security System affected by Typhoon Yolanda may avail themselves of preferential loans and advanced pension payments from the retirement fund of private-sector employees.
The SSS said in a statement that members living in calamity-stricken areas may avail themselves of salary and housing repair loans with much easier terms, and pensioners may apply for up to three months worth of advanced pension.
“Pensioners for retirement, disability or survivorship can apply for three-month advance SSS pensions to help alleviate the financial burden caused by the recent calamity,” SSS vice president May Catherine Ciriaco said in the statement.
Under the relief package, SSS members who previously availed themselves of salary loans may borrow again. Also, the one-percent service fee for processing of salary loan applications would be waived, the statement said.
The SSS also has waived the fee of up to P3,000 for the processing of housing and repair loans.
The SSS is giving its members and pensioners in the affected areas six months to apply for housing loans and advanced pension, and one year to apply for housing repair loans.
A member with at least 36 monthly contributions may apply for a maximum salary loan of P30,000.
A member with at least 72 monthly contributions may apply for a maximum loan equivalent to twice his monthly salary credit.
The SSS also said it has donated P250,000 to calamity-stricken areas through the National Red Cross.
Meanwhile, an organization of non-life insurance companies in the country said its members were told to expedite the processing of claims by policyholders.
Also, the Philippine Insurers and Reinsurers Association said in a statement, holders of non-life insurance policies in affected areas may immediately file for claims.
PIRA said the non-life insurance sector was strong enough to be able to service claims from clients who lost their property.
“PIRA does not have any estimate of insured damage yet. But the insurance industry is sturdy enough,” PIRA said.
PIRA said it was gathering donations among its members to provide relief goods to people in Leyte and Samar, two of the hardest hit places.