SSS: Over P1.15B in calamity loans released to nearly 70K members

Over P1.15 billion worth of calamity loan assistance has been granted to almost 70,000 typhoon-affected members under the Social Security System (SSS).

In a statement, the SSS said the amount was released to the concerned members two weeks into the program. 

“The series of extreme weather conditions have immensely affected our members’ financial well-being. In response, many have quickly availed of our calamity loan assistance to replace or repair their damaged properties. We hope that loan privileges provided by SSS will support their full recovery, just in time for the Holiday season,” said SSS Acting Head for Public Affairs and Special Events Division Carlo C. Villacorta.

SSS opened a calamity loan program to its qualified members in areas affected by tropical cyclones Kristine, Marce, Nika, Ofel, and Pepito.

The loan is granted to SSS members living or residing in calamity-hit areas declared as under state of calamity by the National Disaster Risk Reduction and Management Council (NDRRMC).

Villacorta added that members have until 21 December 2024 to submit their calamity loan applications through their My.SSS account.

To qualify for the calamity loan assistance typhoon-affected members must:

• Have at least 36 monthly contributions, six of which must be posted within the last 12 months before the month of filing of application
• Be living or residing in the declared calamity area
• Be below 65 years old at the time of loan application
• Have no final benefit claim such as permanent total disability or retirement
• Have no past due SSS Short-Term Member Loans
• Have no outstanding restructured loan or calamity loan

"Meanwhile, individually paying members such as self-employed, voluntary, and land-based Overseas Filipino Worker members must have at least six posted monthly contributions under the current membership type before the month of loan application to qualify for the calamity loan," the agency noted. 

SSS previously said that members could pay the calamity loan in two years or 24 equal monthly installments with an annual interest rate of 10%. —NB, GMA Integrated News