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QUEZON CITY – The Social Security System (SSS) has announced that, starting on October 16, it has activated a Calamity Loan Program (CLP) for members in Davao Oriental who were affected by the two powerful earthquakes that struck the province last week.
SSS President and Chief Executive Officer Robert Joseph Montes De Claro said the CLP aims to give timely financial support to SSS members living or working in the earthquake-affected areas.
Following the declaration of a State of Calamity for all 11 cities and municipalities in Davao Oriental by the National Disaster Risk Reduction and Management Council (NDRRMC) due to the twin earthquakes, De Claro emphasized SSS’s commitment to assist its members during this difficult time.
“We at the SSS are deeply committed to supporting our members in Davao Oriental. We understand the challenges they face after the earthquake and we are here to provide timely assistance to help them recover from this calamity,” he said.
Qualified members can avail themselves of calamity loans of up to Php20,000 at a lowered interest rate of 7% per annum. Applications can be filed online through their My.SSS account and approved loans will be credited directly to the member’s enrolled bank account.
To qualify for the calamity loan, members must:
- Reside or work in an area declared under State of Calamity;
- Have at least 36 monthly contributions, with at least six posted within the last 12 months before filing. Individually paying members must have paid six contributions under their current membership type;
- Have an active My.SSS account;
Have no past due loans or outstanding restructured loans; - Have not been granted any final benefit;
- Be of legal age and under 65 at the time of application; and
- Have not been disqualified due to fraud against the SSS.
Employed members are reminded that their employers must be updated on SSS contributions and loan remittances to qualify.
De Claro assured the public that SSS will remain a reliable partner of Filipino workers, helping them rebuild their lives in the aftermath of disasters.
“We further remind our members about SSS’s benefit and loan programs that may be relevant to them during these difficult times. The Pension Loan Program (PLP) was also recently enhanced allowing retirement pensioners to borrow up to Php300,000 and, now, survivor pensioners can also avail of the PLP and borrow up to Php150,000.
Thus, there is a loan facility for actively contributing members and for retirement or survivor pensioners,” De Claro added.
The earthquakes struck last October 10, with the first measuring 7.4 magnitude at 9:43 a.m. and the second with a magnitude of 6.8 at around 9:12 p.m. Their epicenter was near Manay, Davao Oriental.
Over 200,000 families were affected and nearly 13,000 individuals were displaced, the NDRRMC said.
The revised Calamity Loan Program guidelines, issued earlier this year, enable faster activation within seven working days of a calamity and feature a reduced interest rate of 7% per annum for members with good credit record, down from 10%.
Its streamlined process enables SSS to provide immediate relief to members affected by natural disasters, such as the earthquakes in Cebu and Davao Oriental. (/)
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Source: SSS