The state-run Social Security System has opened an emergency loan window to more than 11,000 potential member-borrowers affected by the closure of Boracay Island last April 26.
SSS president and chief executive oficer Emmanuel F. Dooc said it is the pension fund’s duty to provide social protection to its members in times of contingencies like the temporary closure of Boracay Island in Aklan which may have displaced some 11,161 SSS members.
“At times like this, we would like to show our dear members that the SSS is there whenever they needed help the most,” Dooc said.
He said the SSS has allocated some P111.61 million for the Emergency Loan Assistance Program.
Potential qualified member-borrowers may loan from P1,000 to P16,000 depending on their monthly salary credit.
To avail of the program, a member must have 36 monthly contributions, six of which should be posted within the last 12 months prior to the month of filing of application; must be living or working in Boracay Island prior to its closure; must be under 65 years old at the time of loan application; have not been granted any final benefit; must not have an outstanding Loan Restructuring Program or Calamity Loan Assistance Program; and have not been disqualified due to fraud against the SSS.
Dooc said the loan is payable in 32 months, inclusive of eight months moratorium period. The member will start to pay his monthly amortization on the 9th month within 24 monthly installments.
“We have also waived the 1 percent of the loan amount for the service fee so the members will get their loaned amount in full,” Dooc said.
“When the loan application is finally approved, the generated emergency loan checks may be picked up by the member within 10 working days at the SSS branch office where the application is filed. After this period, the check will be forwarded through mail to the member’s mailing address indicated in the form,” he added.
The application period for ELAP is from May 2, 2018 until Oct. 31, 2018.
Members may file their duly accomplished ELAP forms, which they can download from the SSS Website, at the SSS Service Office located at the 2/F Barangay Hall in Manoc-Manoc, Aklan or at the SSS booth at the One-Stop Shop of various government agencies at the Caticlan Jetty Port in Malay, Aklan.
As this developed, Department of Budget and Management Secretary Benjamin Diokno has announced that the national government is releasing P490 million for the rehabilitation of the Boracay Circumferential Road.
This is on top of the initial budget of P50 million allocated under the 2018 fund of the Department of Public Works and Highways for the same project.
“They already have P50 million in the budget, and that is what they are using right now. In a few days, we’ll release the P490 million. This is just for the road components,” Diokno told reporters during the “Breakfast with Ben,” a press event of the DBM chief. The Boracay Circumferential Road rehabilitation involves widening of road and improving the drainage system.
Last week, the DBM released P448 million to the Department of Labor and Employment (DOLE) for financial assistance to some 17,735 residents and workers who were affected by the six-month closure of Boracay.
Diokno said both funds for the DOLE and DPWH were sourced from the government’s contingency fund amounting to about P13 billion this year.
Aside from the contingency fund, the government is tapping the calamity fund for Boracay’s rehabilitation.
“By declaring the area as calamity area, we can have access to calamity fund,” he added.
Diokno said other government agencies with projects and programs related to Boracay’s rehabilitation are expected to request additional fund from the national government.
Earlier, Department of Trade and Industry Secretary Ramon Lopez said his office will be seeking some P300 million from the Boracay rehabilitation fund to help small-scale enterprises on the island.
Presidential Spokesperson Harry Roque said Malacañang is eyeing P2 billion from the calamity fund to support the world-famous island resort’s rehabilitation.
The General Appropriations Act of 2018 allotted P19 billion to the National Calamity Fund, P10 billion of which has already been allocated for the rehabilitation of war-torn Marawi City.
The 2018 national budget also appropriated P13 billion for Contingent Fund, which may be used to fund new and urgent projects and activities of national government agencies and government-owned or controlled corporations.
Diokno adeed that local government units can tap their own calamity funds if their respective areas are placed under a state of calamity.
Aside from the LGUs, the Departments of Environment and Natural Resources, of Labor and Employment, of Tourism, of Public Works, and Social Welfare have their own appropriations, which can be utilized during the six-month rehabilitation of Boracay.
With PNA
