SSS opens calamity loan applications for quake-hit Filipinos in Taiwan

State-run pension fund Social Security System (SSS) on Thursday announced the opening of calamity loan applications for its members affected by the magnitude 7.2 earthquake in Taiwan in April.

In a statement, the SSS said pension fund members who were living or working in Taiwan when the earthquake struck can apply for the Calamity Loan Assistance Program (CLAP) until August 20, 2024.

“The calamity loan offered to members in Taiwan was a historic first for SSS since we have never extended financial assistance to calamity-hit members outside of the Philippines until now. It only proved that we are always ready to assist our members wherever they are,” said SSS president and CEO Rolando Macasaet.

Loan applications can be submitted through My.SSS accounts.

“However, members must first visit the SSS Taiwan Foreign Office in Neihu District, Taipei City, to secure a Calamity Loan Reference Number (CLRN) needed in their loan applications. The CLRN is a unique 12-alphanumeric identifier provided to SSS members and is among the requirements for the calamity loan,” Macasaet said.  

Under the loan program, members can borrow a loan equivalent to one monthly salary credit or up to P20,000.

Affected members must secure the following requirements:

• Have a My.SSS account at www.sss.gov.ph
• Have at least 36 monthly contributions, six of which must be posted within the last 12 months before the month of filing of application
• Must be an OFW SSS member
• Must be living, residing, or working in Taiwan during the time of the earthquake
• Must be 65 years old and below at the time of loan application
• Have not been granted any final benefit such as permanent total disability or retirement
• Have no past due SSS Short-Term Member Loans
• Have no outstanding restructured loan or calamity loan

Once approved, the pension fund said loan proceeds will be credited to the member’s registered Unified Multi-Purpose Identification (UMID)-ATM Card or their active accounts with a Philippine Electronic Fund Transfer System and Operations Network (PESONet) participating bank.

The loan is payable in two years or 24 equal monthly installments with an annual interest rate of 10%.

The 1% service fee has already been waived, the SSS said.

The loan payment will begin in the second month following the approval date.

The payment deadline for members is the last day of the month following the applicable month.

If the deadline falls on a weekend or holiday, members may pay on the next working day. Late payments will be charged a 1% monthly penalty. —VBL, GMA Integrated News