SSS preparing calamity loan for OFW-members affected by Taiwan earthquake

The Social Security System (SSS) is preparing a calamity loan assistance program for overseas Filipino workers (OFWs) who are members of the pension fund and are affected by the magnitude 7.2 earthquake that jolted Taiwan.

“This is the first time we will be extending a calamity loan for OFWs, members affected by a calamity abroad,” SSS president and CEO Rolando Macasaet said, noting that calamity loan packages are only offered to members affected by disasters locally.

“I understand that there are about 10,000 [active members] working in Taiwan and a lot of them were affected by the earthquake… so for the first time, we will be extending a calamity loan of up to P20,000,” Macasaet said at a press conference in Quezon City on Thursday.

On Wednesday, President Ferdinand Marcos Jr. ensured that the government is ready to help Filipinos in Taiwan who were affected by the earthquake.

The temblor that hit Taiwan, the strongest in 25 years, killed nine people and injured more than a thousand.

Macasaet said the guidelines for the calamity loan to be extended to OFW-members in Taiwan is targeted to be issued on Monday, April 8, 2024, subject to the approval of the Social Security Commission.

The SSS chief expressed confidence that the SS Commission will approve the calamity loan program for SSS members affected in Taiwan.

The Taiwan earthquake calamity loan package will have the same payment terms as the local calamity loan, according to Macasaet.

Under the local calamity loan assistance program, the maximum loan of up to P20,000 is payable for 24 months and has an interest rate of 10% per annum.

Apart from calamity loan, members affected in Taiwan can also avail of medical and disability benefits.

The Department of Migrant Workers (DMW) said three Filipinos suffered minor injuries following the earthquake in Taiwan. —KBK, GMA Integrated News