SSS offers emergency loan to displaced Boracay workers
The state-run pension fund Social Security System will offer an emergency loan assistance to its members whose livelihood would be affected by the six-month closure and rehabilitation of Boracay Island since April 26.
The SSS emergency loan assistance could be availed of beginning May 2 until Oct. 31, president and chief executive Emmanuel F. Dooc said in Circular No. 2018-010 issued also on April 26.
The SSS had set aside P111.6 million for the loan assistance program, which could be availed by 11,161 members living and working in Boracay, Dooc said in a statement Wednesday.
“At times like this, we would like to show our dear members that the SSS is there whenever they needed help the most,” Dooc said.
“Potential qualified member-borrowers may loan from P1,000-16,000, depending on their monthly salary credit,” he added.
The emergency loan program, Dooc said, would cover “all members who are residents/workers of Boracay Island in Aklan and who are affected or displaced by its temporary closure.”
Eligible to borrow from the SSS are members with at least 36 monthly contributions, of which six were made during the past 12 months before loan application filing; those living or working in Boracay before it was closed down; those below 65 years old; those who had never availed of a final benefit such as retirement or permanent total disability; those without outstanding loan restructuring or calamity loan; as well as those who had not been disqualified due to fraud committed against the SSS, Dooc said.
The loan amount “shall be equivalent to one-month salary credit computed based on the average of the last 12 monthly salary credits (rounded off to the nearest thousands),” according to Dooc.
“The loan shall be payable in 32 months, inclusive of eight months moratorium period. Monthly amortization shall commence on the ninth month and shall be payable in 24 monthly installments,” Dooc added.
According to Dooc, the SSS would waive the service fee equivalent to 1 percent of loan amount, while charging a 10-percent per annum interest rate starting the ninth month based on diminishing principal balance.
Also, any excess in the amortization shall be applied to the outstanding principal balance, while slapping a penalty of 1 percent a month until fully paid on loan amortization or payments that would not be remitted on due date, Dooc said.
Interested members must apply personally over-the-counter at SSS branches.
Unless they are already fully paid, those availing of this emergency loan cannot be granted future SSS emergency loans.
Emergency loan checks will be available for pickup within 10 working days at the SSS office where the member applied, or may be sent through mail.
“Members may file their duly accomplished emergency loan assistance program forms, which they can download from the SSS website, at the SSS service office located at the second floor barangay hall in Manoc-Manoc, Aklan or at the SSS booth at the one-stop shop of various government agencies at the Caticlan Jetty Port in Malay, Aklan,” according to the SSS.
Subscribe to our business newsletter
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.