SSS to offer loans, advance pension to Maring victims starting Dec. 15
MANILA, Philippines—The state-run Social Security System (SSS) starting Dec. 15 will accept applications for calamity loans and advance pension among members and retirees, whose houses and livelihoods were destroyed or damaged by Typhoon Maring in October.
In a circular, SSS president and chief executive Aurora Cruz-Ignacio said qualified members and pensioners can avail themselves of the assistance package until March 14, 2022.
Those who will apply for direct house repair and improvement loan have until Nov. 18, 2022 to do so, or one year after the SSS circular was issued last Nov. 19.
The circular did not say how much the SSS had set aside for the loans.
Ignacio said the calamity loan assistance program for members, three-month advance pension for pensioners and house repair loan will cover those living in the provinces of Ilocos Sur and La Union as well as the municipalities of Kibungan, Benguet and Narra, Palawan.
In October, the National Disaster Risk Reduction and Management Council (NDRRMC) declared a state of calamity in these four areas due to damage wrought by Maring.
Calamity loan applications can be filed online, through the SSS website, by members with at least 36 monthly contributions, of which six months’ worth should have been remitted during the past 12 months. Applicants also should not have outstanding SSS loans.
The calamity loan amount will be equivalent to one monthly salary credit or the amount applied for, whichever was lower The loan will carry an interest rate of 10 percent per annum, payable within two years in 24 monthly installments.
Pensioners can apply for advance pension for a maximum of three months’ worth as long as they have no existing loan.
The SSS will also extend a maximum loanable amount of P1 million for the direct house repair or improvement loan, subject to repricing every five years.