THE Social Security System (SSS) announced yesterday, October 2, that members affected by the 6.9 magnitude earthquake in Cebu can now apply for a special calamity loan, effective immediately.
The decision follows a directive from President Ferdinand R. Marcos Jr. and instructions from Finance Secretary and Social Security Commission Chairperson Ralph G. Recto to provide immediate relief to those devastated by the September 30 quake.
SSS President and Chief Executive Officer Robert Joseph Montes De Claro said that new guidelines for the SSS Calamity Loan Program allow the agency to respond sooner.
The program offers a lowered interest rate of 7% per annum and a maximum loanable amount of P20,000.
“We want to assure our members that they can rely on SSS in times of calamities and other natural disasters,” De Claro said.
He added: “Our goal is to support the quick recovery of our members in quake-hit areas by providing them with an accessible loan program.”
De Claro noted that the loan activation process has been “significantly shortened” to provide immediate financial assistance. Members can apply through their My.SSS account, and approved proceeds will be credited directly to their enrolled disbursement account.
The National Disaster Risk Reduction and Management Council declared a State of Calamity for all cities and municipalities in Cebu Province following the earthquake.
Eligibility requirements
To qualify for the loan, members must:
Be residing or working in an area declared under a State of Calamity.
Have at least 36 monthly contributions, with a minimum of six posted within the last 12 months before filing.
Have a My.SSS online account for the application.
Have no past-due or outstanding restructured loan accounts.
Not have been granted any final benefit.
Be of legal age and under 65 at the time of application.
Not have been disqualified due to fraud committed against the SSS.
Employed members must ensure their employers are updated on SSS contributions and loan remittances.
Aid extended to typhoon survivors
De Claro also emphasized that the Calamity Loan Program is available to members affected by recent tropical cyclones Mirasol, Nando, and Opong, as well as the enhanced southwest monsoon across the country.
“Through our new Calamity Loan Program, SSS is now more responsive to the needs of affected SSS members as the loan window is announced and implemented within a few days from declaration of State of Calamity providing immediate financial support and helping them recover sooner from these weather disturbances,” De Claro said.
