The Social Security System (SSS) on Thursday said a Calamity Loan Program (CLP) is now available to members in Davao Oriental who were affected by the two powerful earthquakes that struck the province last week.
Robert Joseph de Claro, president and CEO of SSS, said in a statement on Thursday the CLP is intended to give timely financial support to SSS members living or working in the earthquake-affected areas. This followed the National Disaster Risk Reduction and Management Council (NDRRMC) declaring all 11 cities and towns in Davao Oriental to be under a state of calamity.
Qualified SSS members can avail of calamity loans of up to P20,000 at a lowered interest rate of 7 percent per year.
Qualifications
To qualify for the calamity loan, members must:
Reside or work in an area declared under State of Calamity;
Have at least 36 monthly contributions, with at least six posted within the last 12 months before filing. Individually paying members must have paid six contributions under their current membership type;
Have an active My.SSS account;
Have no past due loans or outstanding restructured loans;
Have not been granted any final benefit;
Be of legal age and under 65 at the time of application; and
Have not been disqualified due to fraud against the SSS.
‘We further remind our members about SSS’ benefit and loan programs that may be relevant to them during these difficult times,’ de Claro said.
He was referring to the Pension Loan Program (PLP), through which retirement pensioners may borrow up to P300,000 and survivor pensioners can borrow up to P150,000. ‘Thus, there is a loan facility for actively contributing members and for retirement or survivor pensioners,’ de Claro added.
He said the revised Calamity Loan Program guidelines, issued earlier this year, enable faster activation within seven working days. The updated rules lowered the interest rate to 7 percent per year from 10 percent. This applies to members with a good credit record.