The Social Security System said it has allocated P1.61 billion for the calamity assistance program for more than one-million active members and pensioners who were affected by Super Typhoon “Ompong” in September.
SSS president and chief executive officer Emmanuel Dooc said that on Oct. 5, the SSS started offering calamity loan, advance three-month pension and direct house repair and improvement loan under the CAP for affected members.
“SSS recognizes that a large number of members residing in Luzon area are currently struggling to recover from the devastation of Super Typhoon Ompong. That’s why we are always here to give them financial assistance in this way to help pay for their basic necessities and rebuild their houses,” Dooc said.
Qualified members for calamity loan, advance three-month pension, and direct house repair and improvement loan are those with home address or property in calamity-stricken areas declared by the National Disaster Risk Reduction and Management Council.
NDRRMC-declared calamity areas are Abra, Apayao, Benguet, Ifugao, Kalinga, Mountain Province, Ilocos Norte, Ilocos Sur, La Union, Pangasinan, Batanes, Cagayan, Isabela, Nueva Vizcaya, Quirino, Aurora, Bataan, Bulacan, Nueva Ecija, Pampanga,Tarlac, and Zambales.
Under the CAP, affected members can apply for calamity loans of up to P16,000 if they are paying contributions based on the maximum monthly salary credit. In addition, they should have at least 36 monthly contributions, six of which must be paid within the 12-month period preceding the date of application.
“The calamity loans are more affordable and have flexible payment terms, which are payable in two years in equal monthly installments with interest rate of 10 percent per annum, and one percent monthly penalty for late payments. We have also waived the one percent service fee to help reduce the applicant’s expenses,” Dooc said.
Based on SSS data, more than 800,000 paying members were affected by Super Typhoon Ompong last September 14. Of the total members affected, the pension fund identified over 80,000 potential borrowers with an average monthly salary credit of P10,000.
“OFW-members who reside within the declared calamity area are also qualified to avail of the calamity loan. They just have to issue an authorization letter to their representatives who will file the CAP applications on their behalf,” Dooc said.