The Social Security System (SSS) is now extending a lifeline for members affected by Tropical Storm “Maymay” and the continued southwest monsoon (Habagat) rains.
In an advisory Monday, August 17, SSS President and CEO Robert Joseph de Claro announced that SSS members who were affected by the recent heavy rains can avail of its Emergency Loan Program (ELP) to help address their immediate financial needs.
“Through the ELP, qualified members affected by Tropical Storm Maymay and the enhanced Southwest Monsoon may access much-needed financial assistance under more flexible eligibility requirements,” de Claro said.
The program is available to self-employed, voluntary, non-working spouse, and land-based Overseas Filipino Worker (OFW) members who must have at least six-monthly contributions under their current membership type before the month of loan application.
Other eligibility requirements are as follows:
- Under 65 years old at the time of loan application;
- Have a valid Philippine home address on SSS records;
- Have an updated contact information in the SSS database;
- Have no past-due emergency, calamity, salary, Educational Assistance Loan, or other short-term or long-term member loans;
- Have no outstanding restructured loan;
- Have not been disqualified due to fraud committed against the SSS;
- Have not been granted any final benefit like retirement or permanent total disability benefits; and
- Have an active disbursement account enrolled through the Disbursement Account Enrollment Module (DAEM) in the My.SSS Portal.
Qualified members may borrow up to ₱20,000 at an interest rate as low as 7% per annum.
The loan is payable over 30 months, inclusive of a six-month moratorium period.
“Members are not required to make monthly amortization payments during the first six months from the date of loan approval. No penalties will be imposed during this period. Regular monthly amortization payments will begin in the seventh month,” de Claro explained.
Members affected by the tropical cyclone may also apply for an SSS salary loan at the same time, subject to eligibility requirements.
#WeTakeAStand #OpinYon #OpinYonNews