The state-run Social Security System (SSS) over the weekend said members and pensioners affected by the series of earthquakes in Southern Mindanao may now avail of the Calamity Assistance Package.
SSS President and Chief Executive Officer Aurora C. Ignacio said that the pension fund will offer calamity loan and Direct House Repair and Improvement Loan for members, and advance three-month pension for pensioners starting November 18.
“It is unfortunate that the series of strong quakes greatly affected their daily living.
That’s why we prioritized the immediate approval of granting calamity assistance to extend financial help to our members and pensioners in the affected areas,” Ignacio said.
Qualified members and pensioners are those with home address or property in earthquake-stricken areas declared by the National Disaster Risk Reduction and Management Council (NDRRMC) under the state of calamity and who suffered losses or damages to their properties in calamity-stricken areas namely the provinces of Davao del Sur and North Cotabato; Kidapawan City; and the municipalities of Bansalan and Matanao in Davao del Sur, and the municipalities of Makilala and Tulunan in Cotabato.
The SSS has allotted more than P443 million worth of calamity loan to more than 54,000 potential borrowers residing in the earthquake-stricken areas. To avail of the calamity loan, a member should have at least 36 monthly contributions, six of which should be paid within the 12 month period before the date of application.
The loanable amount is equivalent to the one month salary credit (MSC) which is computed based on the average of the last 12 monthly salary credit (MSC) or the total amount of damages as certified by the member in the application form, rounded up to the nearest thousand, whichever is lower.
Interested members are also required to be registered on My.SSS for billing purposes.
“The calamity loan is payable in two years in equal monthly installments with an annual interest rate of 10 percent and one percent monthly penalty for late payments.
To further help our member-borrowers in reducing their expenses, the one percent service fee will be waived,” Ignacio explained.