The Social Security System (SSS) on Thursday said more than 186,000 borrowers have availed themselves of its calamity loan program worth P3.4 billion.
“With the issuance of the revised calamity loan program guidelines, SSS is now able to provide immediate financial relief to mitigate the impact of natural disasters and help our members recover under liberalized terms and conditions,” said SSS president and chief executive officer Robert Joseph de Claro.
He added that the agency has streamlined the activation process to implement future calamity loan programs within seven working days and allowed loan renewal after six months. The interest rate was also reduced from 10 percent to just 7 percent per annum.
The loan is available to members residing or working in areas officially declared under a state of calamity, including La Union, Bataan, Pampanga, Cavite, Rizal, Laguna, Oriental Mindoro, Occidental Mindoro, and Antique. In Metro Manila, covered areas are Quezon City, Marikina, Navotas, Manila, Valenzuela, Caloocan, Las Piñas, Parañaque, Muntinlupa, and Malabon.
In another development, SSS Commissioner Victor Alfonso Limlingan reminded employers and workers to follow the new contribution rate breakdown. Self-employed individuals and voluntary members must pay the full 15 percent based on declared income, while the minimum salary contribution for land-based overseas Filipino workers is P8,000.
