SSS launches P20,000 calamity loan for Davao Oriental quake victims

QUEZON CITY, Philippines—The Social Security System (SSS) has activated a calamity loan program (CLP) for members in Davao Oriental affected by two powerful earthquakes that struck the province last week, offering up to P20,000 at a 7-percent annual interest rate.

The program aims to give timely financial support to SSS members living or working in the earthquake-affected areas, said SSS president and chief executive Robert Joseph Montes De Claro.

The move follows the National Disaster Risk Reduction and Management Council’s (NDRRMC) declaration of a state of calamity for all 11 cities and municipalities in Davao Oriental.

“We at the SSS are deeply committed to supporting our members in Davao Oriental. We understand the challenges they face after the earthquake and we are here to provide timely assistance to help them recover from this calamity,” De Claro said.

Qualified members can file applications online through their My.SSS account, with approved loans credited directly to the member’s enrolled bank account.

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.

Employed members are also reminded that their employers must be updated on SSS contributions and loan remittances to qualify.

The earthquakes struck on Oct. 10, with the first measuring 7.4 magnitude and the second at 6.8 magnitude. The epicenter was near Manay, Davao Oriental. The NDRRMC reported that over 200,000 families were affected and nearly 13,000 individuals were displaced.

De Claro also reminded members about other SSS benefit and loan programs, including the enhanced Pension Loan Program (PLP).

Retirement pensioners can borrow up to P300,000, and survivor pensioners can now also avail of the PLP and borrow up to P150,000.

The revised Calamity Loan Program guidelines, issued earlier this year, enable faster activation within seven working days of a calamity and feature a reduced interest rate of 7 percent per annum for members with good credit record, down from 10 percent.