The Social Security System (SSS) on Thursday said it is extending a special calamity loan program to its affected overseas Filipino worker (OFW) members in Taiwan following the recent 7.2 magnitude earthquake.
“We have calamity loans in the Philippines, but we don’t have calamity loans abroad. I think this is the first time. I’ve already recommended to the Social Security Commission (SSC) that we should allow workers in Taiwan affected by this earthquake to be able to avail of our financial assistance,” SSS president and chief executive Rolando Macasaet told reporters.
Macasaet said there are about 10,000 active members working in Taiwan that were affected by the earthquake.
“So, for the first time, we will be extending a calamity loan of up to P20,000,” he said.
Macasaet said the guidelines for the calamity loan will be issued on April 8, 2024, subject to the approval of the SSC, which is chaired by Finance Secretary Ralph Recto.
“I’ve already advised Sec. Ralph, I ensure that the members of the commission will be more than glad to approve that,” he added.
Under the local calamity loan assistance program of the SSS, the maximum loan of up to P20,000 is payable for 24 months and has an interest rate of 10 percent per annum.
Macasaet said the payment terms for the Taiwan earthquake calamity loan package is the same as the calamity loan in the country.
Besides the calamity loan, Macasaet said its members affected in Taiwan can also avail of medical and disability benefits.