Guide on SSS Pension Loan Retirees May Turn To Amid Onslaught of Typhoon Kristine
SSS – The Social Security System said pensioners that were hit by severe tropical storm Kristine may avail the Pension Loan.
Severe tropical storm Kristine has brought heavy rains in several areas in the Philippines causing flooding. Countless Filipinos have evacuated for their safety while there are also those who had to be rescued from their roof as the flood unexpectedly reached a roof-level deep in low-lying areas like in some parts of Naga.
Aside from the residential properties, the flood also hit a shopping mall in Naga. The evacuees inside the mall had to transfer to another floor of the building to evade the flood. Currently, countless people are in need of financial options in recovering from the impacts of the flood. The Social Security System is one of the entities with loan offers.
The Social Security System said that its pensioners who are living in areas hit by severe tropical storm Kristine may avail the SSS Pension Loan. It is open for pensioners who meet the following qualifications set for member-borrowers:
- have no deductions from his/her monthly pension like an outstanding loan balance or a benefit overpayment payable to SSS
- eighty-five (85) years of age or below at the end of the month of loan term
- have no existing advance pension under the SSS Calamity Assistance Package
- have updated contact information (cellular/mobile number, email and mailing address)
- have an approved disbursement account enrolled in the Disbursement Account Enrollment Module (DAEM)
- receive their regular monthly pension for at least one (1) month, and the status of pension is “active”
According to the Social Security System, the retirees under the Portability Law and those under the care and custody of a guardian are not qualified to avail the Pension Loan. In case the retiree pensioner “availed of the eighteen (18) months advance pension, he/she must be receiving his/her regular monthly pension for at least one (1) month”.
With regards to the loanable amounts under the SSS Pension Loan, a retiree-pensioner may borrow up to Php 200,000. Here are the loanable amounts and repayment terms available:
| Loanable Amount | Repayment Term |
| 3 x (BMP + ₱1,000 additional benefit) | 6 months |
| 6 x (BMP + ₱1,000 additional benefit) | 12 months |
| 9 x (BMP + ₱1,000 additional benefit) | 24 months |
| 12 x (BMP + ₱1,000 additional benefit) |
On the requirements, you only need to present your SS Card or UMID Card or any government-issued ID/documents with photo. The Social Security System deducts Php 25 from the loan proceeds for the Quick Card or Cash Card.