The Social Security System (SSS) will start accepting applications for calamity loan assistance to 54,000 members living in areas in Mindanao which took a recent hit by a series of earthquakes. Over Php 443 million of funds had been allocated for the said program.
SSS President and chief executive Aurora Ignacio stated that SSS began accepting loan applications, advance three-month pension, and direct house repair and improvement loan last November 18.
According to a circular released by the state fund, SSS members and pensioners in the listed areas earlier announced by the National Disaster Risk Reduction and Management Council (NDRRMC) to be under state of calamity shall be qualified for the said programs ; municipalities of Bansalan and Matanao in Davao del Sur province; and Kidapawan City, and municipalities of Makilala and Tulunan in North Cotabato.
“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.
To qualify for the calamity loan, members should have a minimum of 36 monthly contributions, six of which were paid within a year period of the loan application date. Members can loan up to one-month salary credit (MSC) computed as follows: the average of 12 monthly salary credit or the total amount of damages declared in the application form, rounded up to the nearest thousand, whichever is lower.
However, members with final benefit claim such as total permanent disability or retirement are disqualified from the said program. Those who have outstanding balance being paid via loan structuring program or previous calamity loan cannot apply as well.
Overseas Filipino Workers (OFW) and seafarers contributing to SSS are also qualified for the calamity loan assistance as long as their listed residence is included in the quake-stricken areas. Authorization letter should be issued by the member to their authorized representative to apply for the calamity loan assistance package. They should also submit a barangay certificate as proof that their residence has been declared under state of calamity.
Employees’ compensation (EC) and social security pensioners can file for the availment of three-month advance pension upon submission of their application for assistance due to disaster duly-certified by their respective barangay chairperson. This excludes retiree pensioners with existing pension loans.
The three-month advance pension and calamity loan assistance shall accept applications for three months or until February 17, 2020.
For the Direct House Repair and improvement loan program, applicants must not be more than 60 years old and should have at least 24 monthly contributions, with three contributions within the last 12-month period prior to the month of filing.
SSS members up to Php1 million for house repair. Interest rate shall be 8% for loans below Php450,000 and 9% for loans over Php450,000. Filing period for the said program shall be until November 17, 2020.
