SSS sets aside P260M for ‘Ursula’ victims

The Social Security System (SSS) has earmarked about P260 million for lending to victims of Typhoon “Ursula,” which hit Mimaropa (Mindoro, Marinduque, Romblon and Palawan) region and the Visayas last December.

SSS president and chief executive Aurora Ignacio said in a statement there were more than 398,000 paying members and pensioners who may now apply for this calamity assistance package (CAP).

“It was devastating for our ‘kababayans’ in the Visayas as they were hard hit by Typhoon ‘Ursula’ during the holiday season,” Ignacio said. “Hopefully, the CAP that we are currently offering will help them with their immediate financial needs.”

Qualified SSS pensioners who are residing in areas declared under a state of calamity by the National Disaster Risk Reduction and Management Council (NDRRMC) may apply for a three-month advance in their pension.

Also, regular-paying SSS members may avail themselves of the package in the form of a salary loan of up to P20,000 or a direct house repair and improvement loan.

The areas declared by NDRRMC as under a state of calamity were the provinces of Eastern Samar and Leyte as well as the towns of San Jose in Occidental Mindoro, Kalibo and Malay in Aklan, Libertad and Pandan in Antique, Sigma in Capiz, Carles and Concepcion in Iloilo, Madridejos in Cebu, and Daram in Samar.

Of the total package, P234.3 million was set aside for for the loan assistance while P25.14 million was for the advance three-month pensions.

The salary loan is payable in two years in equal monthly installments with an annual interest of 10 percent and 1 percent monthly penalty for late payments.

Ignacio said the SSS had waived the 1 percent service fee to eliminate additional expenses for borrowers.

Those who will avail themselves of the direct house repair and improvement loan will benefit from a six-month moratorium on amortization and interest payments. Members can borrow a maximum of P1 million under this program.