THE state-run Social Security System (SSS) has opened an emergency loan window to more than 11,000 potential member-borrowers affected by the closure of Boracay Island on April 26.
SSS president and chief executive officer Emmanuel Dooc said it is the pension fund's duty to provide social protection to its members in times of contingencies like the temporary closure of Boracay Island in Aklan, which may have displaced some 11,161 SSS members.
"At times like this, we would like to show our dear members that the SSS is there whenever they needed help the most," Dooc said.
He said the SSS has allocated some P111.61 million for the Emergency Loan Assistance Program (Elap).
Potential qualified member-borrowers may loan from P1,000 to 16,000 depending on their monthly salary credit.
To avail of the program, a member must have 36 monthly contributions, six of which should be posted within the last 12 months prior to the month of filing of application; must be living or working in Boracay Island prior to its closure; must be under 65 years old at the time of loan application; have not been granted any final benefit; must not have an outstanding Loan Restructuring Program (LRP) or Calamity Loan Assistance Program; and have not been disqualified due to fraud against the SSS.
Dooc said the loan is payable in 32 months, inclusive of eight months moratorium period. The member will start to pay his monthly amortization on the 9th month within 24 monthly installments.
"We have also waived the 1 percent of the loan amount for the service fee to the members will get their loaned amount in full," Dooc said.
"When the loan application is finally approved, the generated emergency loan checks may be picked up by the member within 10 working days at the SSS branch office where the application is filed. After this period, the check will be forwarded thru mail to the member's mailing address indicated in the form," he added.
The application period for Elap is from May 2 until October 31. (PR)