Check the SSS Calamity Loans Details Below
SSS – The Social Security System announced that qualified members who live in areas placed under a state of calamity due to Typhoon Carina may apply for loan.
In the Philippines, one of the major benefits of maintaining an active account to the state-run social insurance institutions is that you have something to turn to in times of financial emergencies. One of which is when a calamity has struck your place.
Recently, Typhoon Carina brought heavy rains and strong winds to several areas in the country. It triggered flooding in several areas in the nation most especially in Luzon. The National Capital Region or NCR is currently under a State of Calamity.
Typhoon Carina has damaged homes and livelihoods. In the case of the Social Security System members, they have something to turn to in recovering from the impacts of the natural disaster — the SSS Calamity Loans. This is aside from the SSS cash loan for members.
The Social Security System has confirmed that the Calamity Loans are now ready to assist in the recovery of the members living in areas struck by Typhoon Carina. According to the president and Chief-Executive-Officer (CEO) of the state entity, Rolando Ledesma Macasaet, a qualified member may borrow a loan equivalent to his/her monthly salary credit or up to Php 20,000.
The amount borrowed by a member from the state-entity is payable for up to 24 monthly amortizations. The state entity has set the interest rate at 10% per annum. Here are the qualifications that you must meet to be eligible to apply for the SSS Calamity Loans:
- 65 years old and below at the time of loan application
- living or residing in an area declared under a State of Calamity
- posted a minimum of 36 monthly contributions, six of which must be posted within the last 12 months before the month of filing of application
- not a recipient of a final benefit claim such as permanent total disability or retirement
- with no outstanding restructured loan or calamity loan
- has no past due SSS Short-Term Member Loans
Macasaet stressed that that SSS will always be ready to help its members in areas affected by the storm. He emphasized the goal of the state entity to be of assistance to its members as they recover from the impacts of the typhoon.
To apply for the loan offer, for a more convenient process, you may do so through your My.SSS account via www.sss.gov.ph. The state-entity will credit the loan proceeds to your assigned account once the loan application has been approved.